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Get your taxes done using TurboTax
You can just click through the screens for Capital Account Information, leaving them blank. Although it is better to keep track of the capital account balances.
A partner's opening capital account balance is generally the value of his contribution to the partnership. Your capital account consist the $100 you put in the bank account plus the value of any property you contributed (computer, furniture, etc.). The other partner's capital account is the $5 plus the value of any property he contributed.
Since you are just beginning the LLC I recommend you see an accountant to get everything set up the correct way.
For background, see:
‎February 17, 2021
7:54 AM
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