Hello all,
One of my client gave me 5% ownership in his real estate LLC in exchange of me handling the day-to-day activities.
I've put down $100 for 5% ownership interest which is value at $17,250.
How do I record this Journal Entry into my bookkeeping, but more importantly, in the LLC's bookkeeping.
For the LLC, is it: Dr. Cash $100, Dr. Goodwill (or another similar account) $17,150, Cr. Partners' Contribution $100, Cr. What?
For my own bookkeeping, what is it?
I am completely lost.
Thank you for your expertise,
Best,
One of my client gave me 5% ownership in his real estate LLC in exchange of me handling the day-to-day activities.
I've put down $100 for 5% ownership interest which is value at $17,250.
How do I record this Journal Entry into my bookkeeping, but more importantly, in the LLC's bookkeeping.
For the LLC, is it: Dr. Cash $100, Dr. Goodwill (or another similar account) $17,150, Cr. Partners' Contribution $100, Cr. What?
For my own bookkeeping, what is it?
I am completely lost.
Thank you for your expertise,
Best,