Legal Question in Business Law in California

Looking for general law, rule or principal re anyone controlling assets: Is it expected that anyone controlling or holding assets must keep a detailed account of the 1. use of those assets? condition of assets? If so, Could you point to the law, code, etc.? Thank you.


Asked on 7/26/10, 11:37 pm

2 Answers from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Your assets are yours; and you may safely light your $100 bills on fire, or bury your Cadillacs standing up in the desert, if that's what you feel like doing, no paperwork required. If you were to have custody of someone else's assets, such as assets belonging to a corporation or to a decedent's estate, you might have a duty to render an accounting and other duties such as a fiduciary duty, depending on how you acquired custody of the assets.

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Answered on 7/27/10, 2:51 am
Kevin B. Murphy Franchise Foundations, APC

The other attorney is right on point here. Keeping records of assets is normally required in special cases, like if they belong to someone else and you have a fiduciary duty, or for tax record purposes. Consult with a good business attorney in your area for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 7/27/10, 7:51 am


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