Any business should have balance sheet and income

statement at any time. Balance sheet is to record the business assets(such as cash, receivables, inventory, property, etc) business liabilities(such as payables,loan etc) and owner's equity. You 10k is owner's equity. If you dispose your business tomorrow, you can get 10k back without paying taxes. Schedule c is an example of income statement. Hope this is helpful.

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• Thanks a lot. -想發- ♂ (0 bytes) () 03/28/2010 postreply 18:14:01