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Who will get the assets of a deceased parents if children are underage and there is no will and testament in state of Florida?
The state will open the estate. The assets will go into a trust for the use of the children. The state will appoint a trustee for the assets and a guardian for the children. They may be the same person.
What is partnership dissolution?
Dissolution of partnership means the shut down of partnership business and sale of all assets of business and clearance of all the liabilities of the business.
What are the money and other valuables that belong to a corporation or a partnership called?
Assets-B
What disadvantages does a partnership have when compared to a private limited company?
If the partnership go into debt, you can lose personal assets aswell as the businesses assets. A private company's assets can only be ceased if the company go into debt.
What is the legal precedence of a conflicting Family limited partnership and a will?
This is a non sequitur. A will disposes of property in a testator's probate estate, which presumably would include the testator's interest in the partnership. The partnership agreement governs the assets owned by the partnership. The will governs assets in the probat estate.
What are the money and other valuables belongs to a corporation or partnership called?
Assets
Can a creditor run after the personal assets of all partners in the partnership?
Yes, in a general partnership, creditors can pursue the personal assets of all partners to satisfy business debts. This is because partners are personally liable for the obligations of the partnership, meaning their personal assets are at risk if the partnership cannot meet its financial obligations. However, in limited partnerships, only general partners have this liability, while limited partners are typically protected from personal asset claims beyond their investment in the partnership.
Can a creditor run after the personal assset of all partners in an event the partnership asset are not sufficient to pay partnership obligation?
Yes, in a general partnership, creditors can pursue the personal assets of all partners if the partnership's assets are insufficient to cover its obligations. This is because partners have unlimited personal liability for the debts and obligations of the partnership. However, in a limited partnership, only general partners have unlimited liability, while limited partners' liability is typically restricted to their investment in the partnership.
What is a basic accounting equation?
Single proprietorship assets= liabilities + capital partnership assets= liabilities + partner's equity corporation assets= liabilities + shareholder's equity
Are adult children responsible for paying deceasded parents medical bills in Michigan?
The children are not directly responsible. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
Can parent sell assets belonging to children?
if the parents bought it themselves for the child then yes but if the child bought it then yes still.
What are the Inheritance laws in California?
If there is a will, the will be followed. In the event that a will has not been made, assets are passed equally among children, parents, siblings, spouse, and grandparents, if no relatives are found, the assets go to the state.
