Accounting and Reporting by Limited Liability Companies and Limited Liability Partnerships - Practice Bulletin 14 [Download]

Prepare yourself for the special needs of limited liability company (LLC) clients!

Practice Bulletin No. 14 provides reporting guidance for limited liability companies organized in the United States that prepare financial statements in accordance with generally accepted accounting principles. It also provides instruction on certain accounting issues for LLCs organized in the United States. This practice tool clearly specifies:

• What a limited liability company is
• What a LLC is classified as for federal income tax purposes
• What a complete set of LLC financial statements should include
• What the heading of a LLC's financial statement should identify
• What disclosures should be made in the financial statement of a LLC

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