Income Accounts. An individual income account shall be maintained for each Partner. At the close of each Partnership taxable year, or at more frequent intervals, each Partner's share of the net profits or net losses of the Partnership shall be credited or debited to, and that Partner's distributions received during each fiscal year shall be deducted from, that Partner's income account and any resulting balance or deficit shall be transferred to or charged against that Partner's capital account.
Income Accounts. An income account shall be maintained on the partnership books on behalf of each partner. Such account shall be closed to the capital account of the partner at the close of the fiscal year. As soon as practicable after the close of each fiscal year, and at such other times as the partners may decide, the income account of each partner shall be credited with that partner’s distributive share of profits with his or her share of the losses. Any losses to be debited to a partner’s income account that exceed the credit balance of such account shall be debited to that partner’s individual capital account. If, as result of debiting a partner’s individual capital account with the excess losses, his or her capital account is depleted, future profits of that partner shall be credited to his or her capital account until such depletion has been eliminated.
Income Accounts. A separate income account shall be maintained for each Member. Company deductions and credits shall be charged or credited to the separate income accounts annually unless a Member has no credit balance in its income account, in which event losses shall be charged to its capital account, except as provided in Section 3.1. The profits, losses, gains, deductions, and credits of the Company shall be distributed or charged to the Members as provided in Section 3.3. No interest shall be paid on any credit balance in an income account.
Income Accounts. An individual income account shall be maintained for each Member. At the end of each month, each Member's share of net profits or net losses of the Company, if not previously credited or debited, shall be credited or debited to such Member's income account. After such amounts have been credited or debited to such Member's income account, any balance or deficit remaining in such account at the end of such month shall be transferred to or charged against such Member's capital account.
Income Accounts. The General Partner shall maintain a separate income account for each Partner. At the end of each fiscal year, each Partner’s share of the net profits or net losses of the Partnership shall be credited or debited to its income account. After any authorized withdrawals have been deducted therefrom, any balance or deficit remaining in the income account shall be transferred to or charged against that Partner’s capital account.
Income Accounts. 7 Section 6.6 Salaries....................................................................................8
Income Accounts. 8 Section 4.07
Income Accounts. A separate income account shall be maintained for each Member. The Net Profit or Net Loss of the Company shall be determined as of the last day of each fiscal year. The income account of each Member shall be credited or debited, as the case may be, with that Member's share of the Net Profit or Net Loss. If a Member's income account has no credit balance, losses shall be charged to that Member's Capital Account. No interest shall be paid on any income account.
Income Accounts. A separate income account shall be maintained for each Partner. At the end of each fiscal year, each Partner's share of the net profits or net losses of the Partnership shall be credited or debited to this account. Further, any withdrawals made pursuant to Section 12 during that fiscal year shall be deducted from that Partner's income account. After those amounts have been credited, debited, and/or deducted from a Partner's income account, any balance or deficit remaining in the account shall be transferred to or charged against that Partner's capital account.
Income Accounts. An individual income account shall be maintained for each Partner. At the end of each fiscal year, each Partner's share of the net profits or net losses of the Partnership shall be credited or debited to and his withdrawals during such fiscal year deducted from, his income account. After such amounts have been credited or debited to and deducted from a Partner's account, any balance or deficit remaining in such account shall be treated as a loan to or from the Partnership payable on demand with interest at the then prime rate established by Bank of America, NT&SA, San Francisco, California (not to exceed ten percent (10%), and shall not be transferred to or charged against such Partner's capital account. Said interest shall start accruing at the end of each fiscal year, on any balance or deficit remaining. At the election of the Partners holding at least two-thirds (2/3) of the ownership interest in the Partnership, any credit in the income account may be paid to the Partners at the end of the fiscal year of the Partnership.
