tax question

Discussion in 'Taxes and Accounting' started by vladiator, Apr 9, 2003.

  1. vladiator

    vladiator

    If one of the LLC members made a loan via a promissory note to the LLC, is that considered to be a cash contributed to partnership capital?
    Thanks.
     
    #1     Apr 9, 2003
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  2. trdrmac

    trdrmac

    Vlad, I looked at this for a partnership and I think the answer is that it should be kept separate.

    So the entry would be

    Cash XXXXX

    Note Payable Partner Joe XXXXX
     
    #2     Apr 9, 2003
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