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LSDefine

Simple English definitions for legal terms

individual asset

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A quick definition of individual asset:

An individual asset is something that a person owns and has value. It can be things like money, inventory, equipment, real estate, or even goodwill. When someone dies or goes bankrupt, all their assets are used to pay off debts or given to others. Some assets can be easily turned into cash, while others are harder to sell. A partnership also has individual assets, which are the personal property of each partner.

A more thorough explanation:

An individual asset is an item that is owned and has value. It can be anything from cash, inventory, equipment, real estate, accounts receivable, to goodwill. It can also refer to all the property of a person, especially a bankrupt or deceased person, available for paying debts or for distribution.

For example, if a person owns a car, a house, and some stocks, each of these items is considered an individual asset. If the person passes away, these assets will be used to pay off any debts and then distributed to their heirs.

Another example is a business that owns a building, equipment, and inventory. Each of these items is considered an individual asset that contributes to the overall value of the business.

Overall, individual assets are important because they represent the value that a person or business owns and can be used to pay off debts or generate income.

individual account plan | individual debt

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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