How do I add my ownership share in an LLP, LLC or Corporation?

Question

I own a share of an LLP.  How do I add that to Quicken?  No "other" choice in the investments tab.

NotACPA · Answer

@Mickndarran  Are you responsible for tracking the finances of this entity?  OR are you simply an investor?If you're doing the finances, set the LLP/LLC/C up in a different Q data file, as you only own a share of it and not the whole thing.  This will keep the company from erroneously inflating your net worth.For either entity, Create a phony security to track this and record it in an Investment type account.

Frankx · Answer

Hi @Mickndarran

Is the "share of an LLP" an operating entity, or is it an investment vehicle?

If it is an operating entity where you are an owner, it should probably be recorded an a "operating business" - assuming you are running the Quicken Home & Business version, or as a "business asset" in the "Property & Debt" section - if you are running Premier or Deluxe.

If it is purely an investment, like a MLP or even a closely-held LLP, you can record it in the Investments section, however you'll need use the "brokerage" account type and periodically update the value of it manually.

Let me know if you have any followups.

Frankx