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Withdrawals

Also referred to as ‘Draws’; it represents the dollar amounts taken out of the business by the owners. Commonly used in records for Partnerships, Limited Liability Companies, and sole proprietorships.

Owner’s Draw in Business

06/22/2015

When an owner of a small business operation transfers money from the business bank account to their personal bank account the transaction is commonly referred to as a ‘Draw’.  There are other terms but this is the traditional term used.   The [...]