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.
2 Answers from Attorneys
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.
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
Related Questions & Answers
-
I sold my car on payments. Our agreement states that the buyer would pay me every... Asked 7/26/10, 11:04 pm in United States California Business Law
-
I am interested on hosting an event at a hotel where I will serve alcohol in the... Asked 7/25/10, 11:54 pm in United States California Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
