One of three partners in an LLC lives in a different state from where the LLC is located. This partner works out of his home and bills the company for his electric bill that is portioned to his office space that he works out of. On the company books should this amount be expensed? If so, what account should be set up for it?

Utility Expense – Partner 3

You can call the account whatever you want. It is an expense account.

Yap. Any expense account would do.