The S Corp and you are independent entities, so your personal holdings are not included in the S corp filing.
However, apparently one of your personal holdings is the stock of the S corp....which may or may not be jointly owned by you and your spouse as marital property (certainly is if your in a community property state). So if you filed a personal bankruptcy, that asset would be involved.
As your saying a Chap 11, a business re-org...I gather it is for the Corp...which again is separate from you and your wife...but...in most Bus BK I've seen, (and unfortunately it's been too many)....the shareholders (which you are), lose all their ownership interest in the Corporation and it goes to the creditors who are asked to give up something.
how much personal comunication should be premitted in a business organization
Limited personal liability is the advantage of incorporating your business.
A personal-business letter is one that is sent from an individual to a business or company. Whereas, a business letter is a letter sent by the company or organization.
Yes, personal checks can be used for a business account, but it is generally recommended to use business checks for better organization and tracking of expenses.
personal portals
Using a personal account for business purposes may not be ideal as it can mix personal and professional matters, potentially causing confusion or privacy concerns. It is generally recommended to have separate accounts for personal and business use to maintain professionalism and organization.
Business entity convention The convention that holds that, for accounting purposes, the business and its owner(s) are treated as quite separate and distinct. The business entity concept provides that the accounting for a business or organization be kept separate from the personal affairs of its owner, or from any other business or organization. This means that the owner of a business should not place any personal assets on the business balance sheet. The balance sheet of the business must reflect the financial position of the business alone. Also, when transactions of the business are recorded, any personal expenditures of the owner are charged to the owner and are not allowed to affect the operating results of the business. Business entity convention The convention that holds that, for accounting purposes, the business and its owner(s) are treated as quite separate and distinct. The business entity concept provides that the accounting for a business or organization be kept separate from the personal affairs of its owner, or from any other business or organization. This means that the owner of a business should not place any personal assets on the business balance sheet. The balance sheet of the business must reflect the financial position of the business alone. Also, when transactions of the business are recorded, any personal expenditures of the owner are charged to the owner and are not allowed to affect the operating results of the business.
Trust and socialization on a personal level. TRAINING on a business level.
The main differences between a personal check and a business check are the purpose for which they are used and the entities that issue them. Personal checks are typically used for personal transactions between individuals, while business checks are used for transactions related to a business or organization. Additionally, business checks often include the name of the business and may have additional security features to prevent fraud.
Materials that are not considered part of an organization's record system typically include personal items, such as employee's personal mail, lunch bags, or other non-work related belongings. Additionally, items that are deemed irrelevant to the organization's operations or official business, like advertisements or junk mail, are also typically not included in the record system.
Yes, it is recommended to have a separate business account for your LLC to keep your personal and business finances separate, which can help with organization, tax purposes, and liability protection.
The key differences between a business check and a personal check are the purpose for which they are used and the entities that issue them. Business checks are typically used for business transactions and are issued by a company or organization, while personal checks are used for personal transactions and are issued by an individual. Additionally, business checks often have the company's name and logo printed on them, while personal checks usually have the individual's name and address.