Started LLC in last month of year, Balance sheet won't balance due to prior assets being more than total income for that month, how to deal with assets?

[PatriciaV]

Because this is the first year you are filing a tax return for this new LLC entity, you may benefit from the assistance of a local tax professional. In that way, you have confidence that the company is set up correctly for future returns.

[PatriciaV · Accepted solution]

In general, when you start a new company, you contribute cash and/or assets in return for capital/equity in the company.

Your balance sheet should reflect the Assets (cash or fixed assets) and Equity (the value of what was contributed). Properly entered, this is a balanced entry.