question (and assume following figures):
LLC with 3 partners.
at end of year:
partner 1 capital account is -$100,000
partner 2 capital account is -$100,000
partner 3 capital account is +$50,000
partner 1 buys out partner 2 and 3 (for $0 - just to relieve them of debt).
partner 2 and 3 walk away with $0.
for LLC return balance sheet, do you simply re-class the capital accounts and make partner 1 capital account -$150,000?
