🤝 Partnerships crumble over sloppy bookkeeping
Your 50/50 legal operating agreement means absolutely nothing if your general ledger doesn't back it up.
When partner draws, capital contributions, and personal expenses are lumped into a single equity bucket, tax season becomes a battlefield.
Your K-1s will be wrong, and someone is legally getting burned.
Always seek the advice of a bookkeeping or tax pro, whichever is most appropriate, for your specific business situation.