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Can a small business owner file for bankruptcy and still protect their assets?
Wiki User
∙ 13y ago
Probably not
Wiki User
∙ 13y ago
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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
Does assets decrease when an owner withdraws cash?
Yes owner withdraws in form of cash or assets so ultimately it reduces the assets of business as well.
Why would a small business claim bankruptcy?
A small business owner would claim bankruptcy for a few reasons. The biggest reason would be to eliminate most or all debts for which a business owner is personally liable for.
What are assets liabilities and equity?
It is the basic accounting equation which shows the relationship of business assets toward liability and equity and it tells that all assets must generate enough money to pay all liabilities and owner's capital to be successful business.
What are importance of sole-trader business?
All assets of the business belongs to the owner
What is the account used to record the transfer of assets from a business to its owner?
the owner's capital account
Does the sum of the assets and liabilities of a business always equals the investment of the business owner?
Yes
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 a company buy back its assets after bankruptcy?
Sold is sold...so if the new owner wants to sell, sure..ut there is no right to.
What are the advatages of sole proprietor ship?
these are the advantages 1. the profit accrued to the business belongs to the owner of the business 2. the owner has the right to the assets of the business,if he would like to invest those assets, he needs no permission from any person. 3. the only registration of the business is its name, and not necessarily
If you are filing personal chapter 7 bankruptcy can you get a business credit card for a newly formed LLC which does not have any assets yet?
New businesses are infrequently able to get credit on their own (without a qualfied personal quarantee by the owner) for about 5 years.
When an owner withdraws cash or other assets from a business for personal use these withdrawals are termed?
Drawings.
