reimbursement within partnership
One partner has spent money on business development (travel, phone, etc). How to reimburse his expenses after partnership got project and money from customer?
Great questions! You can set the partner up as a vendor and write them a check to reimburse them for the business expenses that were paid out of pocket. When making the payment, be sure to use the proper accounts to reflect the expense type (travel and phone etc).
Crystalynn Shelton, CPA
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.