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Rod101
New Member

LLC member wages

10/27/09 7:22 AM,   Viewed by asker 10/27/09 9:14 AM
Total Views: 68

2 members own llc and work for it. How should they account for their wages? Should they withhold like other employees or not?

 
 
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All Replies:  Answers (1)  
janatwucpas
Certified ProAdvisor
 
Rating 0

Answer

10/27/09 10:17 AM

No, they are technically "partners" but called "members" in an LLC.  They should have draw accounts on the balance sheet in the equity section.

 
 
 
 
 
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