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We note the discrepancies between the types of assets that
actually were transferred from Associates PC to Hanna PC and the
list in the Internal Document of the types of assets to be
transferred (namely, the horse option and the interest in a
lawsuit are not specifically listed in the Internal Document).
Further, we note that the $40,660 amount listed for accounts
receivable in the Internal Document does not reflect $42,675 in
accounts receivable for legal services rendered by Associates PC
prior to, but not billed by Associates PC before, the February 2,
1994, transfer date and only billed by Hanna PC after the
transfer date. Also, when Hanna listed the $40,660 amount for
accounts receivable in the Internal Document, he did not make an
adjustment for uncollectible accounts receivable in the amount of
$19,605.
With regard to the liabilities listed in the Internal
Document, we note that the parties agree that the correct total
amount for notes payable assumed by Hanna PC is $39,821. The
$17,382 amount listed for accounts payable in the Internal
Document includes $4,282 of liabilities that were attributable
not to expenses of Associates PC but to expenses of Hanna
individually.
On February 24, 1994, Associates PC dissolved as a
professional law corporation.
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