Attempting to pull together a balance sheet in a forum such as this is very difficult. There are too many unknowns since the limited facts are only a point in time.
A few thoughts:
- You need to utilize some type of software that will provide your annual details and help in making sure that your tax return is accurate; ie: Quickbooks
- Since this is your initial year form 1065, your beginning of the year columns should be blank
- Based on your limited facts, your end of the year balancing figure is partners' capital
- Due to the recent change in the partnership return presentation, your Schedule L and Schedule M-2 will most likely not agree. This is the result of the M-2 being based on tax capital and any book to tax adjustments running through the M-2.
- Read the 1065 instructions once competed so you understand the Schedule L, Schedule M-2 and the analysis of net income per return sections.
- Not sure what you mean by "paying out all profits". This can have many meanings.
- Finally, your facts of "my LLC" and "paying out all profits to myself" can lead to the conclusion that this is a single member LLC. If that is in fact the case, and you have not elected to be taxed as an association with an S corporation election, you should not be preparing a partnership return; my assumption of the return being prepared based on the limited facts. A single member LLC, by default, is a disregarded entity. If that is the case, you should most likely be reporting the activity on your 1040 Schedule E.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
