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If someone is common law married can his common law wife be held accountable for his business going into liquidation and hence any assesets she owns be taken into account?
Wiki User
∙ 15y ago
Being married at common law is a marriage just as valid as a ceremonial marriage. So common law has nothing to do with it. However, the wife shouldn't be liable for the husband's business debt, unless she co-signed or guaranteed it.
Wiki User
∙ 15y ago
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Is stockholders equity an asset account?
Stockholder equity is a liability account as it is refundable by business at time of liquidation.
Is accountable an adjective?
Yes, it is a derivative adjective meaning "held to account" or responsible.
What does account mean?
To be responsible, accountable for what you have been left to look after.
What is realisation account?
When company goes to liquidation process then realization account is created which is a temporary account and all assets and lialibilities are realized through this account and after realization there may be surplus or defeciancy in realization account.
What is the verb of accountable?
Account is both a noun and verb. Example of the verb form: "I was asked to account for my time."
What is the normal balance of a capital account?
Capital account has credit balance as a normal balance of account as it is the amount company requires to return back to it's owner at the time of liquidation.
If you hack your own account is it bad?
Technically you are hacking in company's website who hosts your account. So you will be hold accountable for what ever you do.
What meaning of accountability?
The state of being accountable; liability to be called on to render an account; accountableness.
What is a liquidation notice?
If this question has been asked in relation to the Indian laws than a liquidation notice means in orders issued under the Indian companies act 1956 seeking the liquidation of the company on account ofseveral reasons including Default in payment by the company. did notice is for a period of 21 days and if the company fails to show cause or make payment, then the issuer of the notice can seek liquidation of the company.
What is business account?
It is a bank account specialised for the needs of a business.
How drawings account is contra equity account?
Drawing account is used to reduce the capital by the owners of the business from business that's why it is called the contra account for equity account.
What is the advanced meaning of accountability?
The state of being accountable; liability to be called on to render an account; accountableness.
