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Owners Drawing

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1 Owners Drawing on Thu Jul 13, 2017 6:09 pm


Arresto Menor

I have a on going process of closing my partnership business. Here is the situation, we did not record in our books of accounts that we part every income since the two of us who only manage it and we do not have employee, it's only the two of us who operate the business, but in reality we part it in half. Now that we are going to close will there be a problem with bir based on the situation?


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2 Re: Owners Drawing on Thu Jul 13, 2017 6:36 pm


Reclusion Perpetua
you mean to say you have a business but in BIR's eyes your business is not making any income since both of you are splitting the earnings? yes definitely you will have issues with BIR.

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3 Re: Owners Drawing on Fri Jul 14, 2017 8:16 pm


Arresto Menor
Our business is making income and we are filling our taxes every month, the only thing we did not record to our books is when we split earnings

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