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I have a client who who just opened an LLC, with his son. So…

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I have a client who...
I have a client who who just opened an LLC, with his son. So the members are him and his son. A BVI company is working on a project in USA, and the USA LLC wants to invest in the project 87K. so he send over 87K and he got an 18%. so basically the USA LLC has 18% invested in a BVI who is working on USA project. I need to do the entry in my LLC (usa). ?
Submitted: 1 year ago.Category: Tax
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Answered in 27 minutes by:
3/21/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,430
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi Surely - Yes, the LLC - taxed as a partnership - owns an asset.

...

The entry would be credit cash for 87000 and debit this asset as a capital asset owned by the LLC.

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Customer reply replied 1 year ago
This LLC is new so it didnt have a bank account , so the owner wired the money from his personal account. So in the case it would be contribution to his LLC, Debit the investment credit owner equity account.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

yep. ... Assets = liabilities + OE ... so this would be capital account contribution.

...

debit the investment, credit the OE

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Guessing you saw the text ... sending you that stuff tomorrow

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