Can I get advances on future Net Profits

Houston, TX Viewed 5 times. Posted 2 months ago in Business

We have an LLC designated as Partnership. We have shown little or no profits for the last 3 1/2 years. Since there has been no net profits, but we are taking distributions (going further in debt in the process) do we list these on the books as "Loans to Officer" or are we suppose to be recognizing these distributions as "Personal Income" on our K1s.

Answers (0)

No answers yet

Here is some preliminary information and guidance regarding your legal situation while you wait for an attorney in your area to respond.

Free and Low-Cost Legal Resources in Texas

Related Business questions

What can I do to get, or find out about my profit sharing check? - My husband worked at this company for over 15yrs. and was 100%vested in the companies profit sharing plan. He has not worked there... more
1 answer. Marysville, OH. Viewed 85 times. Posted 4 months ago in Employee Benefits

seeking non profit attorney in Monrovia CA area to help with 501(c)(3) - Hi: I have recently filed a non profit (December 2007) and now need to file for our 501c3 and write a business plan to get... more
4 answers. Monrovia, CA. Viewed 300 times. Posted about 1 year ago in Corporate / Incorporation