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How can you turn partnership into sole proprietorship?
To turn a partnership into a sole proprietorship, the partners must first agree to dissolve the partnership and settle any outstanding debts or obligations. They should draft a formal dissolution agreement that outlines the terms of the dissolution and distribution of assets. After that, the sole proprietor can register their business as a sole proprietorship, obtaining any necessary licenses and permits. It's important to notify clients, suppliers, and any relevant government agencies about the change in business structure.
How do you begin posting to the ledger accounts?
I would post first all assets
Why are accounts receivable and cash considered current assets while property and equipment are considered fixed assets?
Currents assets are assets that can quickly be turned into cash, therefore account receivable is because debtors can pay off their debt or the company can factor it and Property and equipment are difficult to turn into cash as you first have to find the suitable buyer and reconsider for sales
Why is an account receivable and cashed considered current assets while property and equipment are considered fixed assets?
Currents assets are assets that can quickly be turned into cash, therefore account receivable is because debtors can pay off their debt or the company can factor it and Property and equipment are difficult to turn into cash as you first have to find the suitable buyer and reconsider for sales
How do you calculate goodwill of a company?
Goodwill is calculated as the difference between the purchase price of a company and the fair value of its identifiable net assets (assets minus liabilities) at the time of acquisition. To determine goodwill, first assess the fair value of all tangible and intangible assets and liabilities. Then, subtract the total fair value of net assets from the acquisition price. The formula can be summarized as: Goodwill = Purchase Price - Fair Value of Net Assets.
In the event of a firm's dissolution the first claim on its assets belongs to whom?
bondholders.
Who has the first claim to the profits or assets of a firm?
a - lenders
Who has the first claim to the profits and assets of a firm?
Creditors.
In the event of firm dissolution the first claims on its assets belongs to?
In the event of firm dissolution, the first claims on its assets belong to secured creditors. These are lenders or creditors who hold collateral against their loans, ensuring they are paid first. Following secured creditors, the order of claims typically proceeds to unsecured creditors, and finally, any remaining assets are distributed to the owners or shareholders of the firm.
Does private financiers have first claim to profits or assets of a firm?
Lenders does.
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.
Can surviving spouse sell boat only with deceased name?
yes, but you would have to go thought probate and any debts owed by the estate of the deceased have first claim on any assets, and/or proceeds from the sale of said assets.
What happens to the assets due to an executor if the executor of a will dies?
They become part of his estate. The executor of his estate would file the claim against the first estate.
Could one of the partners in a firm claim to dissolve d firm and can she also claim that she wants her share of d Capital while putting d entire amt of bad debts and debtors on me?
First, I am not an attorney. I teach "Legal Aspects of Business" for a CA University. Generally, a "claim" to dissolve a partnership may or may not dissolve it; however, such a claim (depending on whom it has been uttered) may hold the partnership liable for subsequent liability - where - the claim was (in fact) not true (and relied upon) with respect to a third party. Where a "claim" to dissolve is made solely to the other partners; it may or may not, serve as "notice to dissolve the partnership"(depending on the facts and circumstances regarding the utterance). Generally (notwithstanding ones formal status in the partnership); all partners share all assets and liabilities of the partnership (each partner is personally liable to third parties injured by (actual or preceived) dissolution of the partnership or business); like a private business [unlike, a corporate liability]. Any business law text book will clearly distinguish the types of business entities, liabilities, and dissolution of businesses.
Who gets assets when a corporation goes bankrupt?
Depends on the situation and the type of BK....but generally its fair to say the creditors do...and the reason for the BK frequently being there aren't enough to pay what they owe...the additional amount owed is discharged. The assets may come over by sale, transfer or even giving the creditors stock in a company that owns the assets.
What will come first dissolution or liquidation?
Dissolution is same for partnership as liquidation for company and both are separate and no one come before or after each other.
What is the difference between preferred and common stockholders?
Preferred stockholders have a greater claim on the assets and profits of a company compared to common stockholders. If a company is liquidated, preferred stockholders have to be paid first before the common stockholders.
