TomOle
Nov 1, 2015, 10:36 AM
> Sold all assets of a small S corporation; ( sold business but corporation sill exists.
> Corporation took a carry back note from the buyers for 60 months.
> Buyers send monthly check to the corporation.
> when the corporation then writes check(s) to the corporation owners WHAT ACCOUNT AND TYPE SHOUND THE CHECKS BE POSTED IN? (EQUITY, ASSET, or WHAT?).
Thanks a bunch.
P.S. We can't end the corporation until the loan is paid back in full.
> Corporation took a carry back note from the buyers for 60 months.
> Buyers send monthly check to the corporation.
> when the corporation then writes check(s) to the corporation owners WHAT ACCOUNT AND TYPE SHOUND THE CHECKS BE POSTED IN? (EQUITY, ASSET, or WHAT?).
Thanks a bunch.
P.S. We can't end the corporation until the loan is paid back in full.