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    drstn12's Avatar
    drstn12 Posts: 1, Reputation: 1
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    #1

    Mar 30, 2010, 04:18 AM
    How to close equity accounts for sole prop vs corps and partnerships
    How to close equity accounts for sole prop vs corps and partnerships?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Mar 30, 2010, 05:42 AM

    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.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Apr 6, 2010, 09:28 PM

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