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Liability
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∙ 9y ago
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Describe the stockholders liability to creditors of a corporation?
A corporation's creditors usually do not be past the assets of the corporation to satisfy their claims. The most a stockholder can lose financially is the amount he or she invested.
Is Creditors an asset or liability?
Current Liability
Are creditors considered as current liability?
Yes, it is a current liability.
What are the advantages of being a limited liability company?
A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.
Is creditors a asset or liability?
creditor is a liabiliity
Describe the stockholders liability to creditors of a corporation?
A corporation's creditors usually do not be past the assets of the corporation to satisfy their claims. The most a stockholder can lose financially is the amount he or she invested.
Is Creditors an asset or liability?
Current Liability
Are creditors considered as current liability?
Yes, it is a current liability.
What are the advantages of being a limited liability company?
A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.
What is chapter 7?
Chapter 7 bankruptcy protects you from creditors and sells your non secured assets to pay the creditors that you owe. If you do not own an assets, you will not have to pay the creditors and the debt will be forgiven.
Is creditors a asset or liability?
creditor is a liabiliity
What is the amount owed to creditors called?
liability
The claims of creditors against the assets are?
Liabilites
Why Liability equals Assets?
Assets- Liabilities = Owners Equity :)
What are the components of current assets?
The components of current assets are creditors, cash, debtors and stock.
What happens to the administrator of an estate with creditors?
The Administrator must file the proper notices that the estate has been filed to give the creditors the opportunity to file claims against the estate. The estate is responsible for the debts of the deceased. Claims by creditors must be paid before any assets can be distributed to the heirs-at-law. There is a statutory schedule by which creditors must be paid. If there are not enough assets to pay the creditors the estate is declared insolvent. The adminstration of an estate is a legal process that must be done according to the law. If the appointed Administrator doesn't know how to carry out their duties according to the law they should hire an attorney to supervise the probate process. Distribution of assets before creditors are paid can leave the Administrator exposed to personal liability.
Who has the first claim to the profits and assets of a firm?
Creditors.
