Partnership withdrawls

dschinzel · #1 Apr 27, 2008, 12:21 PM

If the partners withdraw more than they put into the company do you enter it as a drawing and if so how do you close it out at the end of the year?
Thanks

delite · Apr 27, 2008, 08:02 PM

in essence they will be drawing down from their equityat the end of they year thet will have a return of capital,amounts drawn in excess, become taxable dividends



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