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Owners Distributions: What You Need to Know

Owners of pass-through entities (Sole Proprietors, LLCs, Partnerships, S-Corps) will take distributions from the business in order to compensate themselves for the work they do and the profit the business makes. That's great! But many business owners don't understand the mechanics of how draws work and how to find their draws on the financial statements. In this video you will learn: 0:00 Confusion on owner's pay 1:17 Why do owners take draws? 1:58 Is it an expense? 3:02 Flow through entities 5:20 Where to find draws on financials 7:00 Profit before distributions 7:50 How to record distribution 10:20 Balance Sheet transaction 11:00 Equity analysis 12:00 Recording from bank feeds To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://claracfo.com/cfo-services/ 💲 Need an accounting system? We use Quickbooks Online with clients and recommend it as the best accounting system for small businesses. Sign up to get a discounted subscription for 12 months! https://claracfo.com/QBO 🙋‍♀‍Got Employees? Talk to ADP! They can help you if you are a small business owner or an accountant or advisor who works with small businesses. Learn more here: https://claracfo.com/adprun 💸Pay vendors any way they want and get paid faster! Accept credit cards without paying merchant fees! Melio is a fantastic payments solution for every small business! https://claracfo.com/melio (As an affiliate or referral partner for these companies, I may earn rewards from qualifying purchases) Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at https://claracfo.com/ Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. CODE: MB01I6UGR2UT0SM