Gross sales are useful mostly to determine the sale value of the business -
brokers say that a restaurant usually sells at a specific multiple of gross
sales. What is the actual income? Are there liens against the restaurant?
"No stock issued" - does this mean that there is actually no corporation?
Or there is one, and just no one got around to issuing stock? Is there
any kind of written agreement between the relatives and the nonfiling
spouse?
If the money was a gift, you could make an argument that it's separate
property.
John D. Faucher
Faucher & Associates
*818/889-8080*
On Fri, Mar 8, 2013 at 11:05 AM, andrewcho67 wrote:
> **
>
>
> Thanks John:
>
> Gross sales for 2012 are over 1 million. Funds to start restaurant were
> from W's relatives from outside the US; perhaps argument can be made that
> it is nonfiling spouse's separate property? CPA confirmed no stock issued.
>
> ASC
>
>
> --- In
cdcbaa@yahoogroups.com, "John D. Faucher" wrote:
> >
> > I can't answer until I know the answer to some threshold questions. Who
> > owns the stock of the restaurant, and does the nonfiling spouse own it as
> > sole property or community property? What does the balance sheet of the
> > corporation look like? What does the profit and loss statement show?
> >
> >
> > John D. Faucher
> > Faucher & Associates
> > *818/889-8080*
> >
> >
> > On Wed, Mar 6, 2013 at 6:53 PM, andrewcho67 wrote:
> >
> > > **
>
> > >
> > >
> > > Nonfiling spouse runs a restaurant under a corporation. Fixtures,
> > > machinery worth no more than $7,000. Liquor license $20,000. Gross
> revenue
> > > for 2011 was almost 1,000.000.
> > >
> > > In Ch 7, what would a trustee go after if the wildcard covered the $20K
> > > and other exemptions protected the fixtures ?
> > >
> > > Andrew S. Cho
> > >
> > > Law Offices of Andrew S. Cho
> > > 505 North Euclid Street, Suite 600
> > > Anaheim, CA 92801
> > > (714) 881-0009
> > >
> > >
> > >
> >
>
>
>
Gross sales are useful mostly to determine the sale value of the business - brokers say that a restaurant usually sells at a specific multiple of gross sales. What is the actual income? Are there liens against the restaurant? "No stock issued" - does this mean that there is actually no corporation? Or there is one, and just no one got around to issuing stock? Is there any kind of written agreement between the relatives and the nonfiling spouse?
If the money was a gift, you could make an argument that it's separate property.
John D. FaucherFaucher & Associates
818/889-8080
On Fri, Mar 8, 2013 at 11:05 AM, andrewcho67 <
andrew@ascholaw.com> wrote:
Thanks John:
Gross sales for 2012 are over 1 million. Funds to start restaurant were from W's relatives from outside the US; perhaps argument can be made that it is nonfiling spouse's separate property? CPA confirmed no stock issued.
ASC
@yahoogroups.com, "John D. Faucher" <j.d.faucher@...> wrote:
>
> I can't answer until I know the answer to some threshold questions. Who
> owns the stock of the restaurant, and does the nonfiling spouse own it as
> sole property or community property? What does the balance sheet of the
> corporation look like? What does the profit and loss statement show?
>
>
> John D. Faucher
> Faucher & Associates
> *818/889-8080*
>
>
> On Wed, Mar 6, 2013 at 6:53 PM, andrewcho67 <andrew@...> wrote:
>
> > **
> >
> >
> > Nonfiling spouse runs a restaurant under a corporation. Fixtures,
> > machinery worth no more than $7,000. Liquor license $20,000. Gross revenue
> > for 2011 was almost 1,000.000.
> >
> > In Ch 7, what would a trustee go after if the wildcard covered the $20K
> > and other exemptions protected the fixtures ?
> >
> > Andrew S. Cho
> >
> > Law Offices of Andrew S. Cho
> > 505 North Euclid Street, Suite 600
> > Anaheim, CA 92801
> > (714) 881-0009
> >
> >
> >
>
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