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Can you be sued if you have no assets or money?
Yes. It may be a pretty hollow victory if the person suing you wins, though.
Should deprciation should be charged on idle assets?
Under all of US GAAP, CDN GAAP and IFRS, idle assets should continue to be depreciated.
Unexpired expense should write in income statement or balance sheets?
Unexpired expense is current assets until used so it is part of assets of business and should be included in assets side of balance sheet.
What is the difference between current assets and quick assets?
Current Assets should be convertible into cash in the coming year. Quick assets are cash or are easily converted into cash (no liquidity or marketability issues).
What comes in debit side of balance sheet?
on the debit side of the balance sheet, we have the assets of a company. There are current assets and fixed assets and they should be equal to the Liabilities + the equity of a company.
If you do not have any assets or job can you be sued?
Yes.
If you have a joint account with a person that is sued can they come after your other accounts?
No. They can only go after the assets of the person that is being sued. If you have a joint account with that person that is part of the other person's assets. Any account that is just in your name is safe as you are not the person being sued.
Can a revocable trust be sued?
Yes, a revocable trust can be sued if it holds assets that are subject to legal claims. Creditors or claimants may be able to pursue assets within the trust to satisfy debts or liabilities. However, revocable trusts can offer certain protections and may help safeguard assets from potential lawsuits.
How does a company become limited?
When a company has the initials "LTD" or "limited" in their title, it typically means that the company is limited if it should ever be sued. For example if a person has a company called abc limited, only the monies in the company can be accessed if sued, and not the person's personal assets.
What is the best way to get rid of your assets and file for bankruptcy if you are being sued?
Don't do that. It's called fraud.
Can you be sued if you have no assets or money?
Yes. It may be a pretty hollow victory if the person suing you wins, though.
My husband and I live in a community property state Arizona. My husband is an attorney. How do I protect my assets which were acquired during the marriage should he be sued?
You should speak with an attorney in your jurisdiction who could review your situation and advise you of your options under your state laws.
You are being sued what should you do?
Get a lawyer!
If you buy an auto only in your name can your wife be held resposible for it?
if i buy an auto in my name only, can they go after wifes assets if i get sued
What happens if a surviving step-mother refuses to give assets to the children of the deceased as decreed in the deceased's will?
She is interfering with the distribution of the estate. She can be sued.
If getting sued and you put all your assets in your brothers name can they still get it?
Yes, they probably can, especially if it can be assumed and proven that you did it to shelter them in anticipation of the suit.
What can be done if the executor is stealing from the estate she is exeutor of and lying to lawyer about the assets.?
You should bring any proof you have to the attorney who is handling the estate immediately. If the lawyer does nothing then bring your proof to the probate court and make a complaint about the attorney AND the executor. If your claim can be proved they should both be removed from the case and should be sued.
