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-   -   How to close equity accounts for sole prop vs corps and partnerships (https://www.askmehelpdesk.com/showthread.php?t=461343)

  • Mar 30, 2010, 04:18 AM
    drstn12
    How to close equity accounts for sole prop vs corps and partnerships
    How to close equity accounts for sole prop vs corps and partnerships?
  • Mar 30, 2010, 05:42 AM
    ROLCAM

    There are no earthly reasons EQUITY accounts should be closed
    For all three forms of ownership.
    The net equity accounts represent
    The net asset in the business.
    As long as the business is still operating then the equity accounts remain open.
  • Apr 6, 2010, 09:28 PM
    morgaine300

    Perhaps the poster is referring to drawings and dividends? They get closed, and they're equity accounts.

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