For example, we have multiple LLC and each LLC has its own tax return.
If all owner capital contributions are deposited into LLC1, then are transfered through bank transactions to LLC2 or LLC3, how do I set up my chart of accounts for that transfer?2) At year end, how do I clear out the Income Statement for all the entities to Retained earnings?
Remember the Income Statement is organized by class (not separate accounts for each property), so how does that end of year Income Statement get put in the proper retained earnings accounts?Thank you, Joe ANSWER: from Mike
Great Questions Joe! I can tell you have been working on a good asset protection program.
#1 - first of all a tip for Joe (you can achieve the same benefits using single member llcs without having the burden and expense of filing extra tax returns)
Joe, here is the to the video on Multiple Entities
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