This business is regarding a Limited Liability Partnership (LLP)
- Would it be possible to make drawings from accumulated funds (aka Retained Earnings), shouldn't drawings be done from the partnership capital fund? Or any money taken out from accumulated fund be put up as dividends?
- The LLP is claiming that there is only one account for capital which is the "partnership capital fund" - any accumulated profits/losses would be included into this account however the audit report is reflecting the equity as follows:
Accumulated Funds $ 75,000
Partnership Capital Fund $ 75
LLP is saying that they have $75,075 of capital, but I'm saying they only have $75 of capital who is correct?