WHich business entity can protect by company assets?
Q. Which business entity to form LLC or C Corp and which can also protect my company assets? Can any one help me providing websites or information? Thanks in Advance.
Asked by Chan - Thu Sep 18 23:37:29 2008 - - 1 Answers - 0 Comments

A. You can form LLC and C Corp. We would be helping you more to decide which entity to form and gives you a complete scenario of forming LLC and S Corp. We at ICS make your task easy by forming LLC or S Corp and providing complete incorporation services at competitive pricing. You can reach Mr. Nirmal Jain (Senior Manager) at 469-713-2541 and can mail him @ nirmal.jain@mybizfiler.co m, as he is very well experienced and has considerable knowledge in incorporation services. For more information and details please visit ICS web site www.mybizfiler.com. You can also visit our informational blog site:
Answered by Mybizfiler - Fri Sep 19 03:16:20 2008

Is the auctioning of certain company assets a bad sign?
Q. The company that i work for, has executives that drive all over the city and this part of the state, in company cars. Said company has now just auctioned off ALL company cars and taken away all gas cards away from them. Is this a bad sign that a company is going under? or what does this mean? this company always speaks of how they will not be effected by the recession. any help will be nice.
Asked by Darth Buffchest - Wed Nov 4 11:57:38 2009 - - 3 Answers - 0 Comments

What happens to company assets if corp bankruptcy occurs?
Q. I have a small operation set up as a C Corp. I am having financial difficulty and need to close the business. At this time I have about $150,000 of goods at retail value and about $50,000 in CC and loan debt. Before I contact a lawyer what are some of my options?
Asked by xawellington - Fri Feb 29 12:34:31 2008 - - 3 Answers - 0 Comments

A. The best free advice you are going to get here is go pay for some knowledgeable professional advice. You really need to consult an attorney for advice first. It will pay off in the long run particularly if the company is a corporation and you have guaranteed some of the corporate debts.
Answered by wartz - Fri Feb 29 12:42:31 2008

What access to CDN assets does a US mortgage company have when a Canadian citizen defaults on a US mortgage?
Q. We own a property in Florida that unfortunately does not make financial sense to try to keep. We will likely walk away from the house and default on the mortgage. What access will the mortgage company have to my assets here in Canada, and what are the possible repercussions? Thanks very much.
Asked by Andrew M - Wed Aug 27 16:24:20 2008 - - 1 Answers - 0 Comments

A. I would ask an attorney this question. Typically, most states have laws that require a mortgage company to only one solution for the mortgage. If they opt to foreclose on the home, then any other option may not be viable. For example, here in California that is what happens. A home can either be foreclosed on as the only remedy or the mortgage company can release the lien on the home and go after the owners other assets, but not both options together. Again, contact an attorney about this. I would not give advise on this and certainly would not accept any with the person holding a valid law degree, specifically in real estate and foreclosure laws and preferably in both American and Canadian Law. Good luck
Answered by dioncornel - Fri Aug 29 21:45:45 2008

Is it legal to transfer assets from one company to another?
Q. I'm starting a home business but I don't know if I should start it under my name or under my parent's company name. If I start it under their corporate name, then would it be possible to transfer my portion of the assets to a new company owned by me? They are helping me out with the taxes and corporate "protection" because it's my first startup. But once I get the ball rolling, I may want to incorporate and transfer my portion of the assets. Is this illegal? I'm located in Vancouver, British Columbia, Canada. Thanks!
Asked by Liam - Tue Oct 20 21:34:01 2009 - - 1 Answers - 0 Comments

A. u can only transfer the assets out of your parents corporation if u r the shareholder of that corporation, which means that you need to buy shares of their company. That is legal or allowable under section 55 of the cdn income tax act - the butterfly rules. however, the above involves quite a bit of work from lawyer and tax accountants.
Answered by T E - Tue Oct 20 21:56:23 2009

Is it bad news when the company you work for is getting an investigation done on their assets and liabilities?
Q. My friend received a call from an attorney while she was at work asking to speak to someone b/c he was hired to do an investigation on the company's assets and liabilities. She was worried, she asked me is it something to worry about OR is it no big deal?? IDK...so I'm asking yahoo.answers...
Asked by Ms. Determined - Fri May 29 07:59:59 2009 - - 2 Answers - 0 Comments

A. Who hired him is the question. Maybe the company's audit board hired him just to improve their controls internally. Or maybe an outsider hired him.
Answered by Lilli - Fri May 29 12:09:40 2009

How do you issue bonds with your company to buy assets like real estate; the way Donald Trump did?
Q. Say I start a company tomorrow called Taiforch Properties "i made that up just now" and I want to be like Donald Trump and get a lot of debt from getting investors money for my projects how would someone go about doing that? What are the laws etc. etc.?
Asked by willyoulovemetonight - Sat May 9 23:41:28 2009 - - 1 Answers - 0 Comments

A. First your company has to incorporate. Then go through an investment bank to underwrite the bonds. Create an offering document, or a prospectus. Comply with the laws of the state your company is incorporated in and the SEC.
Answered by jeff410 - Sat May 9 23:51:32 2009

What happens when you add a new partner to an LLC and the 'assets' of the company?
Q. I am 'selling' my LLC of which I am the only owner. Essentially I am selling 85% share and retaining 15% for myself. I will not actively manage anything, and will not receive any distribution of profits. What happens to things the LLC has purchased in the past? Such as equipment ect? Can I take them as my own if I want prior to the sale? What happens to money in the bank, can I pay that to myself as a distribution prior to the sale? What paper trail (if any) is needed for this? (The buyer is ok with all of this).
Asked by rnichols_apl - Wed Apr 18 18:45:57 2007 - - 2 Answers - 0 Comments

A. I have asked my accountant and she reminded me that it depends on if you are setup as a partnership or a corporate structure? If parthership then you have to close the parternthip you have now and reorganize the new partnership with the new partner. This means that you need to evalaute and negotiate what the business will value your assets and how the breakdown occurs. If it is a corporate structure, then the assets of the business are the businesses. You would have to buy them from the business. Any withdrawal of capital or transfer of control then would be done using stock transfers.
Answered by ClaytonMScott - Wed Apr 18 19:11:24 2007

Which company has higher fixed assets?
Q. Suppose that there are two manufcaturing firms that are totally identical. However, the only difference is that Firm A purchased all of its fixed assets many years ago, and Firm B has just recently purchased their fixed assets. Inflation remained constant. Which Firm has a higher fixed assets turnover ratio? Or to simplify it, which company has lower fixed assets? Firm A or Firm B? I am thinking Firm A? Am I right?
Asked by Sandra Panda - Thu Jan 29 08:57:49 2009 - - 2 Answers - 0 Comments

A. What a wierd question. Im glad ive never seen questions that strange when I took Accounting courses or on the CPA exam. Anyway to answer your question, I guess it can be argued that Firm A has a higher turnover ratio since they will have to repurchase more fixed assets sooner than Firm B will. As far as lower fixed assets, im assuming this question is trying to make you take depreciation into account. Obviously Firm A will show a lesser NET fixed assets number since they have been taking depreciation longer.
Answered by Frank112 - Thu Jan 29 09:42:59 2009

what do you call a person that takes inventory of all company assets/equipment, when a company shuts down ?
Q. Company shuts down permanently, and this person goes in and takes a accounting of everything
Asked by snagglepuss65 - Sun Aug 10 17:31:33 2008 - - 1 Answers - 0 Comments

A. An asset liquidator.
Answered by Heather M - Sun Aug 10 17:39:04 2008

What is a way a company can build assets in the balance sheet w/o using cash to buy assets or equipment ?
Q. What is a way a company can build assets in the balance sheet w/o using cash to buy assets or equipment ?
Asked by James M - Fri Sep 7 17:21:13 2007 - - 1 Answers - 0 Comments

A. Try reducing depreciation or changing methods of depreciation.
Answered by christi_70114 - Fri Sep 7 17:39:18 2007

If an individual to buy into a companies assets and stock. Does the proceeds go to owners or the company?
Q. If an individual to buy into a companies assets and stock. Does the proceeds go to owners or the company?
Asked by Marty - Wed Aug 9 14:50:59 2006 - - 4 Answers - 0 Comments

A. To the Company and then can be distributed to the owners if they please
Answered by 3eleven - Wed Aug 9 14:54:33 2006

GAAP, company assets question?
Q. According to generally accepted accounting principles, a company's balance sheet should show the company's assets at: a. The cash equivalent value of what was given up or received. b. The current market value of the asset received in all cases. c. The cash paid only, even if something other than cash was given in the exchange. d. The best estimate of a certified internal auditor. e. The objective value to external users.
Asked by afm754 - Thu Feb 26 12:29:51 2009 - - 2 Answers - 0 Comments

A. I don't think there is one easy answer. Financial assets are supposed to be at market values, while inventory is generally at the lower of cost or market, and fixed assets are often at historical cost less accumulated depreciation. So I'd say a. in some cases, b. in some (but not all), c. is not likely, d. in some cases (like derivatives for instance, where no good market exists), e. in some cases.
Answered by robrobiii - Thu Feb 26 15:17:23 2009

Inappropriate acquisition of company assets..?
Q. I was fired because I drank some sodas before I payed for them. The reason stated for the termination was "Inappropriate acquisition of company assets". Is this the same as theft and they just worded it different? Or is this considered a lesser offense because the soda was paid for? I just dont quite know how to interpret this.
Asked by dirtdigger00 - Wed Nov 11 03:20:16 2009 - - 1 Answers - 0 Comments

A. Yes, that phrase could be interpreted as meaning "theft". If you paid for it, I don't understand how they could have fired you. Unless it was really clear to someone there that you weren't intending to pay for it, but only did so after someone caught you.
Answered by The CPA Guy - Wed Nov 11 03:26:23 2009

Can a company capitalize internally developed Intangible Assets?
Q. Thank you.
Asked by Cammacci - Sat Sep 20 17:50:38 2008 - - 1 Answers - 0 Comments

A. Yes, based upon direct and indirect costs associated with the development of the asset.
Answered by jwishz - Tue Sep 23 19:54:44 2008

Over the past year, a company had an increase in it current ratio and a decline in its total assets turnover.?
Q. However, the company's sales, cash and evuivalents, DSO and its fixed assets turnover ration have remained contant. What balance sheet accounts must have changed to produce the indicated changes?
Asked by sherrie.glenn - Fri Aug 15 19:36:36 2008 - - 1 Answers - 0 Comments

A. Either inventories increased or current liabilities decreased or both.
Answered by Sandy - Sat Aug 16 07:07:38 2008

When calculating net fixed assets why can t a company just take the difference in what they started the year?
Q. When calculating net fixed assets why can t a company just take the difference in what they started the year?
Asked by Eaglemax - Sat Jun 7 13:16:11 2008 - - 2 Answers - 0 Comments

A. The obvious reason that the difference is the depreciation for the year which hardly has any reality. Depreciation is a calculation taken into account for gross, and not the actual. It is actually can not be arrived correctly at any point of time after starting in reality. Fixed assets' value therefore is calculative for a going concern. However, only at the starting, it got a real value.
Answered by gosain - Wed Jun 11 12:31:05 2008

What does it mean to freeze a company's or a person's assets?
Q. I'm just starting out reading a book on business and they're already assuming that I know this...
Asked by roseytrebles - Mon May 19 23:23:30 2008 - - 3 Answers - 0 Comments

On December 1, 2004, Gray Manufacturing Company (a corporation) purchased another company s assets, including
Q. On December 1, 2004, Gray Manufacturing Company (a corporation) purchased another company s assets, including a patent. The patent was used in Gray s manufacturing operations; $40,500 was allocated to the patent, and it was amortized at the rate of $225 per month. On June 30,2006, Gray sold the patent for $70,000. Twenty months of amortization had been taken on the patent. What are the amount and nature of the gain Gray recognizes on the disposition of the patent? Write a letter to Gray discussing the treatment of the gain. Gray s address is 6734 Grover Street, Back Bay Harbor, ME 23890. The letter Should be addressed to Siddim Sadath, Controller.
Asked by Ronda F - Wed Nov 29 20:57:29 2006 - - 1 Answers - 0 Comments

A. The gain will be Section 1231 gain since the Patent is a capital asset. It will be a long-term capital gain, but that doesn't really matter to a regular C corporation. The amount of gain will be $70,000 - 40,500 + (225 x 20) = $34,000. Just for your information, the Patent when purchased was considered a Section 197 intangible asset, subject to amortization over 180 months.
Answered by jinenglish68 - Thu Nov 30 10:12:21 2006

Are shares in a company the company Assets/ Equity/ Capital?
Q. Are shares in a company the company Assets/ Equity/ Capital?
Asked by jeyakatsa - Fri Oct 17 15:49:25 2008 - - 1 Answers - 0 Comments

A. Equity
Answered by Astockreaderr - Fri Oct 17 16:38:01 2008