My husband and I have a 2-member LLC (in Mass.), each with a 50% interest. I'm stuck on preparation of the balance sheet (which is required in MA), specifically the calculation of partner capital. We operate on a calendar year, cash basis. We have a bank account for our LLC. I thought I could take the 1/1/2019 bank balance, add contributions (e.g., the money each of us made in the operation of the LLC - we're writers/editors), deduct distributions and expenses, and come up with a balance which would be split 50-50. After having gone through the 1065 portion of TurboTax, I get to the balance sheet section which tells me that both "capital reconciliation" and "balance sheet" are out of balance. How do I determine partner capital?
