LLC Financial Statements

Updated July 16, 2015
How do you do financial statements for an LLC or an LLP?
LLC financial statements, from a taxation standpoint, are partnership financials. As such, the equity or ownership side of the balance sheet is different. Partnerships are defined as two or more entities that share ownership in another entity. When various owners own different percentages of the company, this can become difficult.
LLC’s can also be owned by a single member When this occurs you do not have individual partner equity accounts. From a taxation standpoint, these Single Member LLC generally files on Schedule C of Form 1040.
One of the most common reasons for legal actions and lawsuits between partners is accounting being completed improperly. If the accountant that you have chosen is not experienced and knowledgeable in how to complete this type of accounting, it can cost the partnership enormous amounts of money in legal fees.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.