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Can edd collect tax that has been assessed on a corporation that has no assets?
Yes, the EDD (Employment Development Department) can attempt to collect taxes assessed on a corporation, even if the corporation has no assets. However, if the corporation is insolvent and lacks assets, actual collection may be challenging. Additionally, personal liability may arise for certain individuals involved with the corporation, such as corporate officers, depending on the circumstances and state laws.
What is the difference between current assets vs total assets?
Current assets are those assets which is usable in current fiscal year while total assets includes assets other then current assets like long term assets as formula showTotal assets = current assets + fixed 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 current assets?
Intangible Assets are not included in current assets. They are usually listed under Other Assets.
What's type of reorganization in which management revalues the assets and eliminates the deficit by charging it to the other equity accounts without the creation of a new corporate entity or court i?
The type of reorganization you're referring to is known as a "balance sheet reorganization" or "equity recapitalization." In this process, management revalues the company's assets and addresses any deficits by adjusting equity accounts, typically without involving a new corporate entity or court proceedings. This approach allows the company to streamline its capital structure and improve its financial health while remaining operational.
What percent of US corporate assets are invested overseas?
Approximately 20-25% of US corporate assets are invested overseas. This includes investments in foreign corporations, real estate, and other assets outside of the United States.
Can a credit card that you had in your personal name but a lien on your corporate business account?
yes. the creditor can put a lien on anything that may be counted as your assets. if your corporate business account is one of your assets, the creditor can try to recover their money from that account.
The type of corporate ownership that has first claim on profits and assets is called a?
Preferred stock holders are those who have the first claims ob profits and assets.
Under what circumstances a court may hold shareholders liable for debt of a corporation?
When they personally guarantee corporate obligations or the corporate veil is pierced as a result of the shareholders failing to recognize corporate formalities and treat corporate assets as their own.
What is Reverse piercing of corporate veil?
Reverse piercing the corporate veil is the act holding a shareholder personally liable for the debts of the corporation and then (when taking his assets as damages) reaching into the assets of other corporations to which he is a shareholder. Normally when a corporation takes on too much debt and the creditors want their money, it goes insolvent (bankrupt). However, if the corporate formalities have not been observed (there was commingling of personal and corporate funds, there was a failure to maintain the corporate records, etc.) and adhering to the limited liability rules of corporations would promote injustice, a creditor can "pierce the corporate veil" and reach past the limited liability into the personal assets of the shareholder(s). However, if the personal assets of the shareholders are mostly stock in other corporations that have also taken too much debt, this doesn't help much (because the stocks wouldn't be worth much on the market and dissolving those other corporations means their assets would be paid to creditors before they can be distributed to the shareholders). In that situation, the court can "reverse pierce the corporate veil" and take the assets of the other corporations, bypassing the line of creditors.
Corporate stock you own outright is this liquid assets?
They are moderately liquid assets. Even if you sell them today, it may take 2 working days for you to receive the settlement.
What factors affect the long term source of finance?
Economy, assets, liabilities, corruption, and corporate failure.
What does professional limited liability co mean?
A limited Liability company is a Corporate variant wherein the investors enjoy legal protection of ones personal assets from the potential losses of the corporate venture.
What are corporate resources?
Corporate resources refer to the various assets and capabilities that a company utilizes to achieve its objectives and maintain its operations. These resources can be categorized into tangible assets, such as machinery and buildings, and intangible assets, such as intellectual property and brand reputation. Human resources, including the skills and expertise of employees, also play a crucial role. Effectively managing these resources is essential for maximizing efficiency and competitive advantage.
Why should the user of a corporate form be able to shield personal assets in a way that a sole trader cannot?
why should the user of a cooperate form be able to shield his personal assets in a way that a sole trader may not
How can a plaintiff pierce the corporate veil to hold individual shareholders personally liable for the debts of a corporation?
A plaintiff can pierce the corporate veil by showing that the shareholders abused the corporate structure for personal gain or to commit fraud, making it unfair to shield them from liability. This can be done by proving factors such as commingling of assets, undercapitalization, or lack of corporate formalities.
Can a director give a personal guarantee for a loan?
He can but should not. A personal guarantee defeats any corporate shield against seizure of personal assets.
