Questions tagged [liability]

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Is a house really a liability and not an asset? [duplicate]

The time I became more aware about my finances was when I was in college where I have to find a way to get myself though school by myself. I rented a room near my school. Each time the day comes for ...
Christine Tibig Vickers's user avatar
0 votes
1 answer
51 views

Liability account for inventories sold but pending delivery [closed]

Forgive me if this is a stupidly basic question. I'm not a trained accountant, just a software developer. So the question is - Is there a standard (or de facto standard) way for recording pending ...
Nay Min Lwin's user avatar
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0 answers
54 views

What is my Tax Liability Germany when working in multiple countries?

I am currently working for a Company in Germany for 1 month and after that I will be working for another 5 months in Greece (from distance for the same company) where my permanent residence is. I was ...
pampampam's user avatar
-2 votes
1 answer
135 views

Why is a Federal Reserve Note an Obligation of the United States?

The Federal Reserve Act says that a Federal Reserve Note is an Advance from the Board of Governors of the Federal Reserve to a Federal Reserve Bank and serves NO OTHER PURPOSE. When Federal Reserve ...
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3 votes
1 answer
124 views

Should I lower the liability limit on my homeowners insurance to match the minimum required by my new umbrella insurance?

I just got an umbrella insurance policy (from USAA); my homeowners insurance policy is from a different company. Currently the homeowners policy has a liability limit of $500,000. Now, the umbrella ...
Robert Tupelo-Schneck's user avatar
1 vote
1 answer
153 views

Does giving consent to treat an unconscious relative make me financially liable?

If a person is unconscious at the hospital and needs treatment, the hospital may try to reach a relative to give consent to treat. If that relative gives consent to treat, does that make them ...
zwiebelspaetzle's user avatar
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0 answers
51 views

Insurance Liability for a recently registered Ontario corporation

I just registered a corporation in Ontario, and I'm about to get a contract from USA as a Programmer. I applied for a general liability insurance online in many sites, but they keep rejecting it ...
hossa's user avatar
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4 votes
2 answers
185 views

Can I protect jointly owned assets from my spouse's professional liability? [closed]

My wife is a medical resident. She regularly makes complex decisions that could kill someone while she is chronically sleep deprived. Obviously, this is dangerous, but it's a nationwide problem that I ...
Tired Spouse's user avatar
1 vote
0 answers
37 views

Fiduciary Responsibility of an RIA

I'm currently an investment advisor with my own RIA sand I was approached by a company to do live streams talking about trade ideas and investments. They charge a subscription to their viewers and I ...
bballboy8's user avatar
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5 votes
2 answers
161 views

Does there exist any insurance concept like liability insurance for mobile/computer application developers? [closed]

Lets say that Ram is a freelancer app developer and takes a contract for app development for $6K from an institution. With help of his friend Shyam he develops the app and delivers it to the client at ...
PHcoDer's user avatar
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1 vote
0 answers
99 views

The Military Junta in Myanmar tried to "empty" $1B from the NY Fed. As a deposit liability of the Fed, where would this money have actually gone? [closed]

https://www.reuters.com/article/idUSKCN2AW2MD?il=0 In the above article the Myanmar Military tried to "empty" the account belonging to the Myanmar Central Bank held at the NY Fed. This ...
pm2482's user avatar
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2 answers
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UK/US dual citizenship a bar to holding a stock and shares ISA

I am married to my wife who has dual UK and US citizenship. She has been told that because of her affiliations to the US (her US citizenship) she must close her stocks and shares ISA as the UK bank ...
Chris Pett's user avatar
1 vote
0 answers
52 views

Accounting for dividends of stocks held for 3rd party

Assuming I hold a number of stocks in a brokerage account for a 3rd party which pays dividends. The broker automatically deducts taxes and debits the remaining money in the account. How do I ...
Gerous's user avatar
  • 11
1 vote
2 answers
113 views

Tax liability of living in a property that is owned by the company you work for

If the CEO of company A lives not-permenantly (1yr) in a property that is currently owned (mortgaged) by company A which they are an employee of, will there be a tax liability implied for said CEO ? ...
Jacksonkr's user avatar
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1 answer
70 views

I want to record a liability when receiving inventory that isn't mine. What is the counterpart for this entry? [closed]

When I receive inventory from a Vendor I would normally debit inventory for the value of the products and credit AP (sometimes moving the balance through an interim / clearing / unvouchered account if ...
Ray Carnes's user avatar
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0 answers
32 views

General Liability amounts for a home podcast

We have a small in home podcast that we do weekly. How much general liability should we have to "cover" it as a business?
Christy Jesse's user avatar
6 votes
2 answers
154 views

Umbrella insurance and maximum liability

Let's say that your net worth is $1 million and, to protect yourself, you take out an umbrella insurance policy with a maximum liability of $1 million. Then suppose something terrible happens and you ...
new name's user avatar
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2 votes
1 answer
98 views

What is the tax liability on a Primary Residence that was turned over as Deed in Lieu?

2010: Home was purchased in New Mexico, USA. Negligible down payment. PMI included. Price $152k 2019: Attempted short sale due to hardship (moving to a new city after losing job). Short sale ...
Michael Richardson's user avatar
1 vote
0 answers
65 views

To know if I want to hold Municipal Bonds, I want to know the percent of unfunded pension liabilities ($3.8T) to total state and local gov liabilities

I'm pondering whether or not to hold Municipal Bonds in my portfolio. My concern is that Municipalities seem to be stressed because unfunded pension liabilities keep growing and this seems alarming. ...
JorgeT's user avatar
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4 votes
3 answers
329 views

is high credit score an asset? [duplicate]

A quick definition of asset is a useful or valuable thing, person, or quality. Can a high credit score be thought as an asset ? I am not asking what can I do with my credit score, I am simply asking,...
Raj's user avatar
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1 vote
1 answer
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Liability of the acquiring company

Company B was bought by company A. A few years after company B was sued for things it did before its acquisition. Is company A always responsible for all the fines and damaged caused by the ...
kukit's user avatar
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0 votes
2 answers
332 views

Create a limited company to speculate with leverage

I live in the UK and I am considering starting to trade on the stock market, having opened an account at a brokerage firm. I am considering using it to speculate on short term period with leverage. ...
Vincent's user avatar
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87 votes
6 answers
31k views

I co-signed on an apartment for a now ex-boyfriend who refuses to pay. What can I do?

I co-signed on an apartment with my ex-boyfriend when I was 18 and he was 21. We broke up. I am now 26 and it has been in collections for years. He refuses to help pay the debt. I am now stuck with ...
Kodi Canty's user avatar
62 votes
6 answers
13k views

Why does Geico ask me not to reveal the limits of my liability coverage in case of a car accident?

I read on my "Evidence of Liability Insurance card" issued by Geico in California, US: What to do at the time of an accident: […] Do not reveal the limits of your liability coverage to anyone. Why ...
Franck Dernoncourt's user avatar
2 votes
1 answer
386 views

Liability for our son's car loan [duplicate]

My husband and I have co-signed for our son's car loan, and also he is listed on our car insurance coverage. If he gets in an accident, can we be sued?
Roberta Tischer's user avatar
6 votes
2 answers
483 views

How to get liability insurance for an electric kick scooter in California?

I just purchased a Segway Ninebot ES4 electric kick scooter. I'm from the Netherlands but live in the United States (California). I have a global liability insurance but it excludes motorized ...
Tom's user avatar
  • 307
1 vote
0 answers
30 views

Liability of Open Ended Investment Company in Ireland

As fas as I was able to find in web, there are three main company types in Ireland: Limited companies Unlimited companies Funds I need to know a liability of the shareholders of Open Ended ...
Vitalii's user avatar
  • 163
0 votes
3 answers
265 views

Should I get a release of liability statement before paying for damages?

A sink in my condominium overflowed without me realizing it, and water went into my neighbor's condo, below me. There's damage to her drywall, and I agreed to pay to have it replaced. I received ...
Grafica's user avatar
  • 103
2 votes
1 answer
74 views

Open accounts for a purpose without full ownership

There are several types of accounts that I would like to pay into and never payout from until a certain need arises, however I am not sure I have the discipline to not tap into them in-case of ...
lonewarrior556's user avatar
1 vote
0 answers
63 views

Meaning of negative stockholder equity [duplicate]

In McDonald's 2016 annual report Balance Sheet, it shows Total Liabilities is greater than Total Assets. So it's Total Stockholder's Equity appears to be negative, with these fields reported as ...
Shuwn Yuan Tee's user avatar
2 votes
2 answers
462 views

Debt to asset ratio calculation

When try to calculate debt-to-asset ratio, I came across different formulas. There are: Total debt divided by total asset, where Total debt = short-term debt + long-term debt from Balance Sheet. ...
Shuwn Yuan Tee's user avatar
3 votes
2 answers
355 views

If I have a credit card under my name, but it's my husband's account, does it automatically mean I'm liable for the credit?

My husband has a credit card (under his name - the account was not opened jointly). He had the bank issue an extra card in my name. However, I never signed any documents to become the account owner. ...
user61277's user avatar
4 votes
1 answer
778 views

Are consumers liable for fraud related to bank account and routing numbers?

There's a ton of information about liability related to fraudulent debit and credit card charges, and even a little about fraudulent checks, but I'm having trouble finding similar information about ...
jvriesem's user avatar
  • 374
2 votes
2 answers
22k views

How do I remove one or more names from the title on my car in California

I am trying to remove my sister's name from my car which currently has my name and her's on the title. I can't seem to find information on this at the dmv website apart from Notice of Transfer and ...
Jack Nguyen's user avatar
6 votes
1 answer
225 views

Is "Verified by Visa" a setback compared to previous CC contracts?

My credit card contract features customers protection against fraudulent use of my credit card. I can use chargebacks to protect me, e.g. in case somebody stole my credit card details. Recently ...
humanityANDpeace's user avatar
5 votes
2 answers
13k views

Is a website/domain name an asset or a liability?

To what extent can one consider a domain name and/or website to be an asset vs. liability? Clearly the people who have websites that do make big profits off of them consider them to be valuable, ...
Schlickster's user avatar
3 votes
1 answer
142 views

Full amount spent on Liabilites GNU cash

I would like to have a total of just the charges on a liability such as a VISA card. Take out the payment data.
Work Around's user avatar
1 vote
2 answers
194 views

Can owners of stocks of an incorporated business traded on the stock exhange be liable for company's debts?

I asked this question before but I was not very specific in the terms I used back then. I now have a clearer idea and know the subject a bit better so I thought to ask a more precise question. As the ...
nourdine's user avatar
  • 353
1 vote
2 answers
302 views

Renters Liability in Case of Liability Claims for Property Damage or Fire

I am subleasing a room in a house in San Francisco. The landlord does not turn on the central heater ever, so I am running my space heater occasionally. In case of the unlikely event of a fire being ...
electronix384128's user avatar
4 votes
1 answer
596 views

DMV lists me as having the title of a 1972 Dodge that I have never had

I moved back to Florida last year after moving out of the state back in 1995. Since my birthday is coming soon I logged into the Florida DMV to check about renewing my license plates (I have ...
user100487's user avatar
2 votes
3 answers
9k views

Am I liable for an auto accident if I'm a cosigner but not on the title, registration, or insurance policy?

I co signed on a bank loan to finance the purchase of a car for my brother in Florida. Only his name is on title, registration and insurance policy. Would I be liable and can I be sued by another ...
Rich's user avatar
  • 29
0 votes
1 answer
101 views

Auto liability insurance and underinsured policy

I live in MA. Recently I was in an accident where the over driver was at-fault 100% and is not contesting this. I was moderately injured and had several dr appoints and tests for broken ribs and being ...
Baruch Stone's user avatar
0 votes
1 answer
8k views

How to take off my name from Car Title in California

The car was paid off and the title is under my name and my ex wife. I want my name off from that car because I don't want to be responsible for any liability if she got in accident. But She wont go ...
ray kwa's user avatar
1 vote
1 answer
1k views

Does using a personal credit card pierce the corporate veil for single member LLC?

I am trying to completely separate my spouse's business from our personal finances. He is doing business as a single owner LLC / disregarded entity. Can he use an existing credit card in his name ...
scw's user avatar
  • 135
1 vote
2 answers
932 views

What would be my tax liability in Zurich, Switzerland?

What would be my tax liability as a single individual, resident of Zurich (not citizen), not a member of any church, with a 90,000 Swiss Franc yearly salary? Let's just take into consideration basic ...
AxiomaticNexus's user avatar
4 votes
2 answers
208 views

Set off computer against tax liability

I'm an employed programmer, officially not working from home. A friend told me, that you can set off your personal computer and up to specific values, you would not have to prove your work related ...
jawo's user avatar
  • 198
4 votes
2 answers
660 views

Double entry for mortgage

Q. What entries should be made for mortgage and interest only repayments? For info I use GnuCash. Situation: I have an interest (repayment) only mortgage of, say, £50,000. They added their fees to ...
itsonlyme's user avatar
8 votes
3 answers
1k views

Does liability auto insurance protect any of your assets?

I'm confused about the Liability auto insurance. Some online resources appear to say that you must have as much liability insurance as the total value of all your assets, whereas others just say to ...
cnst's user avatar
  • 495
1 vote
1 answer
134 views

Value of a collateralized asset

I own a duplex and a business I am a part of wants to purchase more property. In order for the business I am involved in to get the loan needed I was given the option to put up my duplex as ...
Jeff82's user avatar
  • 11
1 vote
2 answers
249 views

Tax liability in US for LLC's owned by an Indian Citzen

I am located in Pune, India and looking forward to form an LLC (Service Industry) in FL only as a face for my Indian Company in the US market. My clients would be making the payments in my Indian Bank ...
Aniket Pharande's user avatar