I am one of three members starting a small business. 1 member has donated cash. The others have donated cash and/or time in lieu of cash. My the value of the time is known.
I have two questions related to this

1. How do I account for the value of the time, and,
2. How do we show this as part of "Owners Equity"; or do we?

Thanks

BB43

1. How do I account for the value of the time, and,

You have to agree with the other partners and put in a DOLLAR figure for the value of the time.


2. How do we show this as part of "Owners Equity"; or do we?

All of the above transactions have to be officially shown.
There exists a CAPITAL Account
for each partner.
Determine what the exact value is for each partner.
In each case this is represented by a combination of cash and value time in dollars .

I am having a bit of issue with this... what type of entity is this? i.e. a partnership, or you incorporated?