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LSDefine

Simple English definitions for legal terms

hidden asset

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A quick definition of hidden asset:

A hidden asset is something valuable that a business has, but they don't tell anyone about it or they say it's worth less than it really is. Sometimes they do this on purpose to avoid paying taxes or to keep it a secret from someone who is trying to take their money away.

A more thorough explanation:

Definition: A hidden asset is something valuable that a business has, but it is not listed or is listed as being worth less than it really is on the company's financial records. This is often done for bad reasons, like trying to avoid paying taxes or keeping it hidden from someone who is trying to collect money from the business.

  • A business owner might have a valuable piece of artwork that they keep in their office, but they don't list it on the company's balance sheet because they don't want to pay taxes on it.
  • A company might have a lot of cash that they keep in a secret bank account, but they don't list it on their financial records because they don't want someone who is trying to collect money from them to find out about it.

These examples show how a hidden asset can be something physical, like a piece of artwork, or something like cash that is kept in a secret place. In both cases, the business is not being honest about what they have, and they are doing it for bad reasons.

hereditary succession | high seas

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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