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If you take money out of a failing business and hide it as cash what can creditors do to you?
Wiki User
∙ 18y ago
If the auditors catch it, you could be arrested for fraud. If they find out, then they can sue you. It isn't easy hiding money, banks have a way of working with the IRS to get records and information for their case. If your business is failing, be honest in your dealings. According to my attorney if I were to cash advance the money and "gamble it away in a drunken Las Vegas spree" I would probably be okay. On the other hand if I took the cash advance and buried it in my back yard say for my kids education, I could be in trouble for fraud. So what if I took the money and said that I gambled it away? It is still dishonest and creditors have a way of catching fraud. They hire investigators and do all sorts of other things to get their money back. Be safe and be honest.
Wiki User
∙ 18y ago
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Who is the CEO of Cash Money Records?
Bryan ''Birdman'' Williams(ceo & founder of Cash Money Records) Ronald ''Slim'' Williams(ceo & founder of Cash Money Records) Lil Wayne(Cash Money Records/ceo & founder of Young Money Entertainment) Mack Maine(Cash Money Record/President of Young Money Entertainment) Mystikal(Cash Money Records) Busta Rhymes(Cash Money Records) Drake(Cash Money Records/Young Money Entertainment) Bow Wow(Cash Money Records/Young Money Entertainment) Tyga(Cash Money Records/Young Money Entertainment) Cory Gunz(Cash Money Records/Young Money Entertainment) Cool & Dre(Cash Money Records/Young Money Entertainment) DJ Khaled(Cash Money Records/Young Money Entertainment) Limp Bizkit(Cash Money Records) T. Lopez(Cash Money Records/Young Money Entertainment) Christina Milian(Cash Money Records/Young Money Entertainment) Nicki Minaj(Cash Money Records/Young Money Entertainment)
How do you submit music to cash money records?
you find the business number then call an record ur song for them to hear
Is Chris Brown with cash money?
Chris Brown is not with Cash Money.
G unit and cash money who is the richest?
Cash money records has the most money in the industrie
How much did b g get for coming back to cash money?
He is not back with Cash Money.
What does a negative cash flow to creditors mean?
Cash flow is any money that comes into or goes out of a business. A negative cash flow would represent debt or a lack of profit for a company. This can be a red flag to creditors.
What is cash outflow?
Cash outflow refers to the net amount of cash that flows out of a business based on the ongoing operations of the business. The obvious example of cash outflow is expenses.
What does it mean if you see an increase in trade creditors from the previous year on the balance sheet?
More use of cash for teh business.
What is meant by cash flow?
Cash flow means the cash in and cash out from business due to different business activities.
How can pass sundry creditors journal entry?
Purchases A/c -Dr 5000 To Sundry Creditors 5000
Can you buy a condo for cash few months after filling bankruptcy?
No...you cannot do any business at all for 7 years, and if you have any cash you must declare it and you will probably have to hand it over to your creditors.
What is a cash receipt journal?
cash receipt journal is used to record money received by the business during calendar month as previously mentioned ,when money is received by the business for capital
What is a cash drop?
when a business takes money out of their cash register to deposit it in the bank or put it in their safe.
Why businesses need accounts?
Businesses need accounts to control the money of the business. For example, from the Financial Statement (Profit and Loss Statement, Owners Equity Statement, Balance Sheet, Cash Flow) the manager can see the strength and weaknesses of the business. Whether the business has a lot of debtors (account receivable) or creditors (account payable). It is also important to plan for the business such as whether it is need to be expand or not. The decision can be make by knowing how much capital or cash that the business have.
What is the difference between profit and cash in accounting?
1: profit is the surplus after total costs have been deducted from total revenue, whereas cash is money at bank or in hand, readily available for use. 2: profits are calculated in the trading,profit and loss account whereas cash is shown in the cash flow forecast or cash flow statement. 3: Cash is only recorded when money changes hands, that is, it will only be recorded in the statement once the business has 'actually' received money, rather than what it is 'promised' to recieve. For instance, if a business makes sales which are 20% on cash and 80% on credit, then the cash flow statement will only record the money received for the "20%" of sales and it will record the rest of the "80%" when it has 'actually' received this money. On the other hand, because of our "accruals concept" in the same example above, when we will calculate profit, we will include the cash as well as credit sales, which means all of the sales made. Now this shows that though the business will show "profitable in books" it will actually be short on cash. Some other cases where profitable business can run out of cash are : a: purchase of an fixed asset (through cash) b: over-trading Therefore, cash is important in the short run as it is needed to pay creditors and workers. Without sufficient cash, creditors (in extreme cases) can take you to the court and declare you bankrupt or insolvent in case of companies. Workers who will not be paid on time will be demotivated, resulting in poor productivity, high absenteeism and labour turnover. Profits are essential for the long term survival of the business, otherwise no institution would be interested to invest in a business which yields them low return on their capital investment. Hope that helps!
what does a cash flow note look like?
cash flow note is a business term used for a working budget that tells you how much cash your business actually has.With the use of a Cash Flow, your business will have more money and a road map for the future.there are also such things as realastate cash flow notes and they do not help you get rich but they can sure make youalot of money.
What is the difference between profit and cash?
Cash is liquid asset - it is the money we received not what we are promised for . Cash can also flow out of business while profit is earned by business and is represented on paper ( in the accounts ) .
