For example, assets which do not generate income, do not appreciate in value, but require payments drag your finances down like a liability. A boat, horse, or second home are examples of this.

Assets: Liabilities: Purpose: To generate income, increase wealth, or provide future economic value. To fund purchases, investments, or cover expenses.

Dear Readers,Let’s chat about something that I believe is foundational to true financial peace and progress: the idea of assets over liabilities. It’s not just a fancy accounting or financial term; it ...

assets = liabilities + equity. Remember, accounting is all about balance — they call it “balancing your books” for a reason. Let’s say your company makes $20. That’s an asset.

Inventory appears on your balance sheet as an asset, or something you own. In practical terms, however, inventory can be an asset or a liability, depending on how much you have, which particular ...

Limited liability companies (LLCs) are business entities that can be used as powerful asset protection tools and as “disaster containment units.” ...

Section 704 of the Limited Liability Company Law sets forth a specific “pecking order” in which the proceeds of the liquidated assets are to be distributed.