Download Asset Protection for Business Owners and High-Income by Alan Northcott PDF

By Alan Northcott

Court cases are rampant during this nation. facts exhibit there's one lawyer during this kingdom for each three hundred citizens; there are an anticipated 150,000 humans in legislations tuition today. On general, 80,000 complaints are filed every day. while you're sued, it truly is too overdue to guard your resources. you're uncovered. thankfully, you could act now to guard your self and relatives later. during this easy-to-read and complete e-book, you are going to research the straightforward steps you must do to guard your self ahead of there's a challenge. The booklet offers a few worksheets that can assist you make a decision the easiest course of action in your monetary place and private wishes. you are going to study the fine details of shielding your self and your loved ones via criminal tools, equivalent to enterprises, kinfolk constrained partnerships and trusts, family members saving trusts, offshore trusts organisations, and restricted legal responsibility businesses (LLCs).You will the right way to reposition your resources into felony entities that you just regulate, growing bullet-proof protection. you are going to find out about irrevocable residing trusts, growing and retaining LLCs, equity-stripping ideas, privateness plans, sturdy strength of legal professional, financial ruin laws, and property making plans for high-income contributors, in addition to dwelling, testamentary, and pour-over wills. The trick is to possess not anything at once yet keep watch over every little thing legally. With the advice during this publication, it is possible for you to to guard your hard-earned resources.

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Additional info for Asset Protection for Business Owners and High-Income Earners: How to Protect What You Own from Lawsuits and Creditors

Sample text

3. Manager knows all individuals and organizations that will use the financial information produced by the restaurant’s management team. ❑ ❑ ❑ 4. Manager has an effective system in place for administering accounts receivable. ❑ ❑ ❑ 5. Manager has an effective system in place for administering accounts payable. ❑ ❑ ❑ 6. Manager recognizes the importance of protecting the integrity of source documents and has systems in place to do so. ❑ ❑ ❑ 7. Manager understands the difference between line and staff assistance in financial management of the restaurant.

We can rearrange the basic accounting equation to show this: Assets – Liabilities = Owners’ Equity A basic financial statement of the restaurant (the balance sheet) reflects the fundamental accounting equation; assets must equal (balance against) the liabilities and owners’ equity. ) REVENUE AND EXPENSES IMPACT OWNERS’ EQUITY The restaurant’s goal is to generate profit. Profit (net income) results when revenues exceed expenses. Revenues increase owners’ equity; expenses reduce owners’ equity. 00 in cash).

9. The restaurant’s financial management system incorporates Generally Accepted Accounting Principles (GAAPs). ❑ ❑ ❑ ❑ ❑ ❑ 10. Manager has established a schedule of regular meetings with the restaurant accountant. TARGET COMPLETION DATE AGREE (DONE) 1. Manager has purchased an up-to-date hospitality financial management resource to use as a management aid. TACTIC WHO IS RESPONSIBLE? ch02 7/31/02 8:01 AM Page 17 2 DEBITS AND CREDITS—THE MECHANICS OF ACCOUNTING MANAGER’S BRIEF In this chapter you will be introduced to the single accounting equation that describes what a restaurant owns compared to what it owes: Assets = Liabilities + Owners’ Equity This basic equation drives all financial records relating to the restaurant.

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