A BALANCE SHEET keeps track of what your business has and who owns it. What your business has are called its ASSETS. Any money that you owe (loans and other types of debt) is called the business’s LIABILITIES. Whatever is left over after you pay off all the debts is the part of the business you actually own, and is therefore called OWNER’S EQUITY, or just simply, EQUITY. Bankers and others often refer to EQUITY as NET WORTH.