In this particular capital lease, the lessor requires Lucas Co to pay for general repair and maintenance. According to ASC 840-10-25-5, “For a lessee, minimum lease payments comprise the payments that the lessee is obligated to make or can be required to make in connection with the leased property, excluding both of the following: a. Contingent rentals b. Any guarantee by the lessee
NeedsSpace should clarify with WeHaveIt about the statement “general repairs and maintenance” and what is specifically makes NeedsSpace liable for. If the lease required NeedsSpace to make deposits and set up a “repair and maintenance reserve,” the deposits would be recognized as an asset and reimbursed at the conclusion of the lease, less any repair and maintenance costs (ASC 840-10-5-9a to 9c). Since the lease does not explicitly require NeedsSpace to make maintenance deposits, NeedsSpace should expense any repairs as they are performed so the money is sitting in their bank account, not WeHaveIts account. Also, it should be noted that “the accrual method of accounting for planned major maintenance activities is prohibited in annual and interim financial reporting periods” (ASC 360-10-25-5). Therefore, NeedsSpace would not be able to set up an account that allows them to account for future
Compare and contrast the landlord rights and duties of the two states of your choosing. Both Wisconsin and Wyoming have very similar rights and duties regarding the landlord. They both require a deposit and no interest needs to be given back to the tenant at the time of termination. In both states the repairs need to be in writing and the landlords must give a notice before entering the premises. The difference between the two states is in Wyoming the landlord can refuse to fix the damages and terminate the rental agreement.
There is no option to negotiate for renewal provided in the lease agreement. The following provisions presented in the lease agreement will be evaluated whether the costs are included in minimum lease payments. 1. Under the lease agreement, Lucas performs general repair and maintenance on the leased premises. Stated that the lease is a capital lease, under ASC 840-30-30-1, “The lessee shall measure a capital lease asset and capital lease obligation initially at an amount equal to the present value at the beginning of the lease term of minimum lease payments during the lease term excluding that portion of the payments representing executory costs (such as insurance, maintenance, and taxes to be paid by the lessor) including any profit thereon.” This passage informs us that Lucas excludes executory cost.
OBJECTIVES AND EXIT STRATEGY OF THE COMPANY VISION II will be able to participate in a structured deal with the investors where investors will be able to cash in and get their initial investments back and be able to participate in buyouts. SUMMARY This is an opportune investment to invest in a barber shop with a great concept; family orientated and is guaranteed to produce nothing but quality service to their clients. With any investment it is the investor’s responsibility to ensure due diligence is
See also paragraph 12b. (5) When excess leave is authorized in conjunction with regular leave, care shall be taken that no leave is accrued during the period of excess leave involved. c. Exceptions. Excess leave may be granted as an exception to the 60-day aggregate policy, for completion of education leading to professional degrees, including associated licensing examinations, for service as commissioned Marine officers (a specific example of this exception is the Excess Leave Law Program). In these cases, Marines will not be required to use their accrued leave prior to being placed in an excess leave status and their accrued leave balance will be retained until they resume duty in a pay status.
Under the Uniform Commercial Code, or UCC (see Chapter 18), a bid at an auction constitutes an offer. The offer (the highest bid) is accepted when the auctioneer’s hammer falls. The UCC also states that auctions are “with reserve” unless the seller specifies otherwise. As noted elsewhere, in an auction with reserve, the seller reserves the right not to sell the goods to the highest bidder. Hence, even after the hammer falls, the contract for sale remains conditioned on the seller’s approval.
The partition has the effect of severing the unity of possession, thereby terminating the TIC. The rights of a cotenant stem from the one unity common to the three types of concurrent ownership—the unity of possession. This means that each tenant has the right to use the real estate as if he were the sole owner, except that “he has no right to exclude his co-owners, or to appropriate to his sole use any particular por- tion thereof. The tenants out of possession may at any time assert their right to share in the possession, or they may have the property partitioned by a division, each taking a distinct part according to the extent of his interest.”52 Concurrent owners, due to the unity of possession, possess an undivided interest in their property. The word undivided refers to an interest in the real property as a whole, not in any divisible or distinguishable portion.
An irrevocable trust gives its owners lots of asset protection. It can never be revoked and has its own tax number. If you are sued they can’t get the property held there. However when you put property in this type of vehicle, you are giving up ownership and control. Most Americans like to maintain control, so they opt for the living revocable trust.
Since JP Morgan Chase and Merit Enterprise Corp have a well established relationship, that will most likely make an application process easier and Merit might be able to negotiate a low interest rate. The process of obtain a loan might be much faster than raising money by going public. One of the advantages of this option is that Merit Enterprise Corp. would remain a private company. The main advantage of staying private is the fact that private companies are not required to disclose details about their operations. They also do not have to answer to shareholders.