Entity

Bankrupt is a person or organization declared in law unable to pay outstanding debt. When a company goes through bankruptcy, they attempt to allocate the debtor’s assets to the creditors in a fair and equitable fashion. Once the assets have been allocated, the debtor receives a discharge in bankruptcy A discharge in bankruptcy ordinarily bars the creditors from enforcing most of the debtor’s contracts. (Miller, R.) Defenses can bar collection from persons who would otherwise be primarily

Did you start a corporation or LLC in Florida and receive suspicious notices? You can disregard them. Every new corporation or LLC in Florida has administrative and regulatory requirements that must be fulfilled every year. Any small business attorney, accountant, consultant can tell you what is a “must-have” and what is not. For example, every Florida corporation or LLC must have a registered agent. A registered agent is simply a person appointed by the business owner who is available during normal

Invisible friend is a notion discussed by Harry Glasbeek in the book of “Wealth by Steals: Corporate Crime, Corporate Law and the Perversion of Democracy”. Glasbeek (2002) refers to corporations as invisible friends as: “No one has ever seen a corporation, smelled a corporation, touched a corporation, lifted a corporation, or made love to a corporation.” (p. 7). Yet, corporations have instant maturity upon registration, perpetual life, legal personhood and limited liability that comes with it.

company offers challenges to auditing when it comes to shared-based payment reporting and special-purpose entities (SPE) reporting individually. The most basic principle of GAAP at risk is the qualitative characteristic of reliability. Shared-based payment and SPE reporting individually has been broken down to better equip the audit for our client. It is important to notice that Special Purpose Entities should be carefully reviewed by each member of the auditing team. Even more after it was proven that

decisions when starting a company is to determine the type of legal entity best suited for your business. Each country has different legal business entities under its regulatory framework. According to Dewhurst (2014), the most common types of business structures within the United States are: proprietorship, partnership, corporation, limited-liability company, and cooperative. Additionally, there are other types of legal entities derived from the association of different corporations, such as joint

responsibilities of covered entities (Jenkins, Merz & Sankar, 2005). The Rule took effect on March 26, 2013. The Rule implemented changes to HIPAA’s Privacy, Security, and Enforcement Rules mandated by HITECH, modified the Breach Notification Rule, and finalized revisions to HIPAA’s Privacy Rule to strengthen protections for genetic information. It contains a preemption provision to supersede conflicting provisions of state law. The Rule requires that covered entities and business associates modify

the business. There are many different things that need to be looked at in order to determine the correct entity that will be used. Will there be partners is a big question in this determination, another questions which is the most correct for the business legally. Another consideration needs to be the legal liability as well as the tax liabilities in considering the best choice for the entity of the business. Restaurant/Bar Lou and Jose are in the process of setting up a future business of a restaurant

Partnership Partnership is a type of business entity in which a single business includes two or more persons share ownership or we can say it is an association that compromises of two or more persons. Further, below are the essential characteristics of a partnership firm: • Number of Partner: The partnership involves business by a group of individuals. There must be at least two persons or more to start a partnership. Each partner in the business share equal liability towards operations and affairs

1. Sole Proprietorship Single proprietorship is the simplest form of organization in most of the countries in the world. Unlike other forms of entity, it is usually not governed by special laws. A proprietorship is a type of business entity which legally has no separate existence from its owner. Hence, the limitations of liability enjoyed by a corporation and limited liability partnerships do not apply to sole proprietors. All debts of the business are debts of the owner. The single proprietor has

On December 17, 1996, the Department of the Treasury (Treasury) finalized rules that were intended to simplify the tax entity classification rules. These rules have become known as the “check-the-box” regulations. Simply put, these regulations allow an eligible entity to “check a box” that indicates the desired tax treatment the entity wishes to have. These new regulations signify what was a much needed departure from the previous classification regulations, which were vague, ambiguous, and created