CHAPTER 13 Current Liabilities and Contingencies ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Concept of liabilities; definition and classification of current liabilities. 2. Accounts and notes payable; dividends payable. 3. Short-term obligations expected to be refinanced. 4. Deposits and advance payments. 5. Compensated absences. 6. Collections for third parties. 7. Contingent liabilities (General). 8. Guaranties and warranties. 9. Premiums and awards offered to customers. Questions
Premium Liability Balance sheet Generally Accepted Accounting Principles
STUDY ON ASSET LIABILITY MANAGEMENT IN BANKS ABSTRACT: In banking‚ ASSET AND LIABILITY MANAGEMENT (often abbreviated ALM) is the practice of managing risks that arise due to mismatches between the assets and liabilities (debts and assets) of the bank. This can also be seen in insurance. Asset liability management (ALM) is a strategic management tool to manage interest rate risk and liquidity risk faced by banks‚ other financial services companies and corporations. Asset-liability management basically
Premium Asset Balance sheet Risk management
THE LIMITED LIABILITY COMPANY A popular form of business‚ especially with small businesses‚ is the hybrid form of business‚ the limited liability company (LLC) or a limited liability partnership (LLP)‚ which combine the best features of a partnership and a corporation. In 1988‚ the Internal Revenue Service (IRS) ruled that the LLC may be treated as a partnership for tax purposes‚ while retaining its limited liability for its owners. Since this ruling‚ every state has passed legislation permitting
Premium Corporation Types of business entity Limited liability company
of Limited Liability Partnership. Its purpose was to solve the conflict | |between the continually expanding professional service organizations and unlimited joint liability. In 2006‚ newly revised the | |"Law of the People’s Republic of China on Enterprise Partnership" referenced this system‚ referred to as "special general | |partnership". This new organization blocked the unlimited joint liability among partners‚ partners protected by limited | |liability. Because of
Premium Limited liability partnership Partnership Corporation
forms of business entities available‚ a recent one being limited liability partnerships (LLP)‚ created by the Limited Liability Partnership Act 2000 (LLPA). This act came into force on the 6th of April 2001. As‚ LLP’s have qualities similar to partnerships‚ they are seen as a hybrid between a partnership and a company. An LLP is a ‘corporate body’ with ‘separate legal personality’‚ distinct from its members. Members enjoy limited liability and are not jointly and severally liable for the debts of the
Premium Limited liability partnership Partnership Corporation
iA Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because‚ similar to a corporation‚ owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership‚ providing management flexibility and the benefit of pass-through taxation. Owners of an LLC are called members. Since most states do not restrict ownership‚ members may include individuals‚ corporations‚ other LLCs and foreign entities
Premium Limited liability company Corporation
Product Liability Theories of Recovery and Defense In my opinion Wood would most likely win the law suit against either the peanut or the jar manufacturer on the basis of strict liability or negligence‚ which allows a person injured by an unreasonably dangerous product to recover damages from the manufacturer or seller of the product even in the absence of a contract or negligent conduct on the part of the manufacturer or seller (Bagley‚ 2013). Therefore‚ Wood should recover damages even if the
Free Product liability Tort Negligence
Brief Overview of Limited Liability Companies Introduction Limited Liability Company (LLC) is often considered as the hybrids of general partnership and corporation. It often referred as a general partnership where the partners have no personal liability and a limited partnership where there is no general partner or a partnership surrounded by a corporate shell (Seipel‚ Tunnell & Zimmermann‚ 1995). The LLC is first adopted in Wyoming in 1977 and then in Florida in 1982. However‚ LLCs
Premium Limited liability company Corporation
Limited Liability Corporation and Partnership In the United States‚ limited liability companies increased rapidly throughout the past 10 years. These structures permit businesses to decrease federal tax liabilities by federal pass-through provisions (Bean & Bilyeu‚ 1997). Limited liability can apply to any non-corporate business‚ in any state‚ and provides characteristics of a corporation and a partnership. Individual states regulate the operations of the LLCs. However‚ companies with limited
Premium Limited liability company Corporation Types of business entity
Roles of Limited Liability Corporations and Partnerships Martin M. Komertz FIN 419 3/21/2011 John Wetherington Roles of Limited Liability Corporations and Partnerships In the following paper‚ I will look to identify the roles and differences between Limited Liability Corporations and Partnerships. Each has different advantages and disadvantages than the other. I will look to break down each and then identify which method of ownership would be the preferred method from an individual
Premium Corporation Types of companies Types of business entity