Cash method of accounting is a method of accounting used by many individuals and some small businesses to record their liabilities and income. When using the cash method, transactions are recorded only when the payments have been made or...
business organizations
certificate of formation
A certificate of formation is a legal document that must be filed to legally create a limited liability company (LLC); it serves the purpose of proving the company’s establishment, and contains all information about the formation of the...
certificate of incorporation
A certificate of incorporation is a legal document/license relating to the establishment of a company or corporation. It serves the purpose of proving that the company or corporation has been formed. It is issued by the state government, or...
certificate of organization
A certificate of organization, also known as articles of organization is a document that must be filed in order to establish a status of a Limited Liability Company (LLC). The certificate of organization must include information such as the...
Chapter 11 bankruptcy
Chapter 11 bankruptcy is the formal process that allows debtors and creditors to resolve the problem of the debtor’s financial shortcomings through a reorganization plan; see Tamir v. United States Trustee. Accordingly, the central goal of...
Chapter 13 bankruptcy
In general, insolvent individuals have the choice of either a chapter 7 or chapter 13 bankruptcy, each governed by the United States Bankruptcy Code. Chapter 13 of the Bankruptcy Code is titled "Adjustment of Debts of an Individual with...
Chapter 13 plan
Chapter 13 of the United States Bankruptcy Code allows individuals with regular income to develop a plan to repay some or all of their debts. Debtors are required under this chapter to propose a repayment plan to make installment payments...
Chapter 7 bankruptcy
Overview
When a debtor becomes insolvent and the bankruptcy proceeding begins, the debtor will either liquidate its assets or reorganize its debts. The liquidation route is governed by Chapter 7 of the Bankruptcy Code.
In a...
charitable organization
A charitable organization is a nonprofit organization that seeks to advance some public benefit. Public benefit includes a broad range of areas such as education, poverty alleviation, scientific research, environment, diversity, religion, and...
charity
A charity is a nonprofit organization whose efforts are focused on aiding those in need. This can take several forms, which can be local or international in scope. Some raise money or provide services like food, clothing, or shelter to...