Royal Pane, owner of A Pane in the Glass, fabricates high performance windows for commercial buildings. The good news? Business is going through the roof. The bad news? Royal’s delinquent receivables are climbing daily. A Pane in the Glass’s lenders demand that collections improve – now. Even if he could overcome his dislike for the… Continue Reading
Category Archives: Money
Subscribe to Money RSS FeedMistakes Have Consequences – British Petroleum’s Settlement
Posted in Legal Risk Management, MoneyThree years ago, Tilting told tales of oil spill legal problems suffered by Forrest Gump, Bubba Gump Shrimp Company, Wok Ann chu-gumm Seafood Restaurants, Chef Red Fishy and Bishop Carp. Tilting predicted class action lawsuits against British Petroleum and big settlements. Bubba, Chef Red and Bishop Carp ignored Tilting’s advice and never joined a lawsuit…. Continue Reading
The Tax Man Cometh to Cyberspace
Posted in MoneyRose Pettle is the owner of Florist Gump, a chain of flower shops throughout Texas. Ever the entrepreneur, Rose launched Bloomarama.com, an internet business selling many floral items in her brick and mortar stores. Bloomarama.com is a separate Florida corporation with no physical location or offices in Texas. However, for the convenience of its customers,… Continue Reading
IRS Going For The Gold: Do Olympic Medal Winners Have to Pay Taxes on Their Winnings?
Posted in Money, Sports & The OutdoorsJustin Thyme is a member of the U.S. Olympic swim team and is returning from London with a gold medal in the 400 meter individual medley. After 10 years of dedicated training, Thyme secured first place when he edged out the next closest finisher by a mere .0007 seconds. After the medal ceremony, Thyme is… Continue Reading
Collecting on a Judgment: To Sue or Not to Sue – Is that the Question?
Posted in Legal Risk Management, MoneyThe last couple of years have been good to Ray Sea the owner of Barely a Wake Marine Dealership in Palacios, Texas. Sales of the boats he manufactures are trending up. However, so are Ray’s accounts receivable. Hull Sizer, a purchaser of Ray’s superior Barely a Wake beauties, was over 180 days past due. Ray… Continue Reading
How to Dissolve a Business
Posted in Legal Risk Management, MoneyAnita Deal and Ivana Bie formed their commercial real estate business Dirt Cheap, LLC several years ago. Through 2007 it was wildly successful. Then the bottom fell out. Their friendship, tenacity and cash reserves are waning. Ivana believes that the market has turned and that now is the greatest real estate buying opportunity of all… Continue Reading
Limits on Gifts to Teachers and other Public Servants
Posted in Family Issues, MoneyDana Plato is a 6th grade student at a public school in south Texas. Plato’s favorite teacher is Mr. Socrates, who teaches world geography. Unfortunately, world geography is Plato’s worst subject. In fact, Plato is dangerously close to failing the course. Whether or not she passes is dependent upon how she scores on the final… Continue Reading
What to do when a Client Files for Bankruptcy
Posted in Legal Risk Management, MoneyMuch of the corn that Ethan Awl raises is sold to Beau Plymouth for Beau’s company Plymouth’s Pride to feed its turkeys. Ethan’s payment terms are net 30 days. As the economy worsened and alternative fuels gobbled up corn supplies dramatically increasing feed costs, Plymouth’s formerly prompt payments from Beau are well beyond 30 days… Continue Reading
Understanding the Tort of Negligent Misrepresentation
Posted in Legal Risk Management, MoneyTy Coon was furious after Tightwad Bank’s internal bank audit of Leaven and Earth’s books revealed the company’s inventory and accounts receivable levels materially lower than the company’s audited financial statements. Those financial statements, upon which Tightwad Bank relied, were prepared by Leaven and Earth’s outside auditors Cook, Books & Hyde and were a requirement… Continue Reading
Is there a Tax Benefit to Dying in 2010 rather than 2011
Posted in MoneyThe good news is, Ty Coon is a billionaire. The bad news is, Ty Coon recently turned 98-years-old and is sick…very sick. In his younger years, Coon amassed a billion dollar fortune as the owner of an international Mexican fast food chain. While Coon always found time for tacos, he never had time for sophisticated… Continue Reading
Protesting Property Tax Valuations
Posted in Money, Property IssuesWard and June recently received their property valuations from Comfort County. Their broker son Beaver Cleaver told them that, because county property valuations are intended to reflect the market value of the property as of January 1 this year, widespread foreclosures, declining building permits and high office vacancy rates should send Comfort County property values… Continue Reading
Complying with Bank Loans
Posted in MoneyA year ago Standup Stanley bought Hotel 8 Properties. Stan’s banker Betty Maekit-hapen was able to get him the purchase money and an operating line of credit loan from DaytonaMac Bank. Hotel 8 was able to use its valuable Arizona real estate and cash flow as collateral without Stan’s personal liability so long as Hotel… Continue Reading
Entertainment Business Tax Expenses
Posted in Legal Risk Management, MoneySnidely Whiplash, a personal injury lawyer, was trying to get business from his friend “Attila” who is a chiropractor. Attila’s common law wife Hun loves mud-wrestling matches. “If I could arrange something to please Hun,” thinks Snidely, “surely Attila will send me some business!” Snidely learns that the world mud wrestling playoffs are coming to… Continue Reading
Debt Collection Tactics
Posted in MoneyWith times getting tougher, Greeda Greenshade at ShortCircuit City noticed that her customers were paying their invoices much later. So, Greeda hired an outside firm StrongArm Collectors to collect the aging receivables. ShortCircuit did get a little concerned, however, when one of its best customers Delia Dish called to complain about StrongArm’s collectors who left… Continue Reading
Returning Preferential Payments to the Bankruptcy Court
Posted in MoneyRecently Cash Crash met a CFO of a large computer software company on a plane. The CFO was beaming because he just collected a $1 million receivable from GIA – money that would not have been paid without the economic bailout. Cash Crash asked the CFO if he considered the possibility that his money may… Continue Reading