What is a Fiduciary?

A person who is responsible for the administration of property owned by others. Corporate management is a FIDUCIARY with respect to corporate ASSETS which are beneficially owned by the stockholders and CREDITORS. Similarly, a TRUSTEE is the fiduciary of a TRUST and partners owe fiduciary responsibility to each other and to their creditors.

Hobby Versus Business

Nine factors are looked at in distinguishing between a hobby and a business activity. They are: 1. How you execute the activity 2. Your level of expertise 3. How much time and effort you put into the activity 4. The amount of occasional profits, if any 5. Whether or not you think the assets used…

Memorial Day Facts

Memorial Day Facts: Memorial Day originally honored military personnel who died in the Civil War (1861-1865). Roughly 620,000 Americans died in the Civil War — making it the deadliest war in American history. About 644,000 Americans have died in all other conflicts combined.

The history of accounting

The history of accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money; there is also evidence for early forms of bookkeeping in ancient Iran, and early auditing systems by the ancient Egyptians and Babylonians. By the time of the Emperor Augustus, the Roman government had access to…