Hello,

I am a member of a multi-member LLC. Our company is a social networking site and we are paying a developmentment team to build our website. The website is still not completed yet. My question is what should I classify this as (expense, asset, etc). Any help would be greatly appreciated. Thanks!

“My question is what should I classify this as (expense, asset, etc). Any help would be greatly appreciated.”=========> For certain transactions between a partner and his or her partnership, the partner is treated as not being a member of the partnership for performing services for, or transferring property to, a partnership or if the entire transaction, when viewed together, is properly characterized as occurring between the partnership and a partner not acting in the capacity of a partner.i guess You may record it as website development expense in DR and Cash in CR.