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Should a business owners personal asset be included with the assets of the business entity?
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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.
Are intangible assets included in current assets?
Intangible Assets are not included in current assets. They are usually listed under Other Assets.
What is difference between personal assets and company assets?
Personal assets is assets that are owned by a person. Company assets are assets that are own by the company.
Are intangible assets included in liabilities?
Intangible assets are assets like other assets just they cannot be seen by eye or feel by hand but as they are assets they are included in assets and part of liability.
Example Of Unlimited Liability?
The definition of Unlimited Liability should give you a clue into what it refers to.The liability of the owner of a business for all the obligations of a business. An owner's personal assets (private home, etc) can be seized in order to pay any debts incurred by the business he owns. The placement of personal assets at risk is a great disadvantage of proprietorship and general partnerships. The ability to limit the amount of liability an owner is subject to is a major reason for the formation of corporations and limited partnerships.
If you own a small business and you want to file personal chapter 7 on credit card debt do you have to file a business bankruptcy?
This is rather complicated. If your personal and business expenses were totally separate and there was no commingling of assets or debts, than probably not. Your business will, obviously be included in the disclosure of your assets. You should explore this throughtly with legal counsel in order to protect all your property and be certain you claim all your exemptions.
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.
Is inventories included in total assets?
Yes, inventories are included in total assets. Total assets refer to the sum of all current and non-current assets owned by a business or individual. Inventories, which consist of goods held by a company for sale in the ordinary course of business, are considered current assets and are therefore included in the calculation of total assets.
Which accounting convention or doctrine is being applied when the owner's home computer is excluded from the assets of the business?
Business entity convention because owner’s assets must not be included with business assets
If a small business has a lawsuit or judgment against them can they take your personal assets such your house car and other monthly incomes not associated with the business?
If you operate as a soleproprietor then yes your personal assets can be used to satisfy the judgement. If on the other hand you operate as a corporation or a LLC then your personal assets are protected.
Can an owner of a business withdraw assets from that business for personal use?
Unless those assets are part of an expressly-designated expense account, that would be fraud.
Can creditor take your house for business debt?
That depends, is the business a Partnership or Sole Proprietorship? If it is one of these personal assets can be seized to make up for business debt. If your business however is an LLC (Limited Liability Corporation) than personal assets are not associated with the business and therefore not at risk.
What does the LLC Corporation do?
"An LLC Corporation is often used by small business owners to protect them from monetary liability. When you set up an LLC Corp. your personal property, i.e., house, car and other personal assets are off limits from being included in a lawsuit against your business."
Is it best to have a business as an un-incorporated or incorporated?
Incorporated. An un-incorporated business leaves the owner(s) individually liable (including their personal assets) to financial exposure and liability. An incorporated enterprise limits the financial exposure to only those assets allocated to the business, and protects the owners personal assets.
If you file Bankruptcy on your business can they take your personal assets?
Only if then can show that you committed fraud, by piercing the corporate veil (i.e. using the business as your personal property), or if you gave a personal guarantee for business loans/debts.
How can one protect their assets through incorporate LLC?
When one incorporates their business they are forming a LLC, a limited liability corporation. By doing this, a business owners personal assets are protected from business debts or obligations.
Are intangible assets included in current assets?
Intangible Assets are not included in current assets. They are usually listed under Other Assets.
