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Accounting Articles > LLCs, LLPs, and Partnerships:
LLC and LLP financial statements
The financial statements of a limited liability company or partnership are generally the same as the financial statements of a corporation with one important difference:
These entities are, from a taxation standpoint, partnerships.
As such, the equity side of the balance sheet is sometimes different. The partners might not be equal. They might have different equity positions in the company.
This can become quite an issue when you are looking at basis issues. Depending on the type of company and how it has been capitalized, there is such a thing as “inside” and “outside basis” in the assets of a partnership. Many of these issues will need to be reflected on the financial statements.
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