Liability at Dec 08for Capital Contrib due Oct 09?
LLC formed Dec 2008 by Members A & B.
Member A made its required initial capital contribution in Dec 2008.
Member B is required to make first installment of its initial capital contribution in Oct 2009, as long as it is still a Member of the LLC on the date the first installment is due, or if agreement has not been terminated.
Question is: Does Member B show a liability for this on its 12/31/08 financial statements?
My gut tells me this should be disclosed in a footnote to the financial statements, but not booked as a liability at 12/31/08.
Thanks.