Quote:
Originally posted by gar1976
Not quite accurate about the definition of current liabiliites. Some accounting 101 for our business buying friend here:
Liabilities - money you owe someone, give or take.
Current liabiliites - liabilities that are due to be paid within 12 months of the date of the financial statements.
Noncurrent liabilities - laibilities due more than 12 months out.
to your business.
And as far as incorporating, be careful if you do it yourself.
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My statement of "current liabilities" was not meant in the accounting sense but the general sense. There are certain liabilities with any business that go beyond accounting. Bad reputations with customers, suppliers, employees, neighbors, etc can all be substantial difficulties to overcome. That's all I was trying to point out.