[GNC] what is best procedure to 'split off' to a new set of books?

[Michael or Penny Novack]

> You also own the business.
>
> I would set up an account in Equity in your personal accounts
> "Contributions to xyz business" and a similar Equity account in the
> business books "Owners contributions".

More generally, you own part of this business.

Why under Equity? Why different from any other investment. I'd expect to 
be putting my ownership share of this business under Assets. Otherwise 
the same. If you use personal funds or credit on behalf of the business, 
the that represents a change in your investment.

But yes, in the business's books, ownership shares under equity.

Michael D Novack