Question
Record Sale of LLC Member Interest
I am hoping someone can advise me how to enter the sale of a membership interest in an LLC. There were two equal, 50% owners and one bought the other out. Thus the remaining member's equity should increase to 100% and the former should be removed. I'm unclear about all the various places that need to be changed or the steps to record this "sale" of half to the other.
Thanks in advance for any info.