martin-kathryn8
Level 1
09-14-2020
06:54 PM
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When setting up an LLC my clients owed someone $100,000. Instead of paying them, they gave them "economic interest ownership" and listed this person's capital contribution as $100k in their paperwork. Since they didn't actually receive $100k how would I handle this?
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sjrcpa
Level 15
09-14-2020
08:32 PM
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Sounds like a distribution to your client.
The more I know the more I don’t know.
