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Financial Statement Questions

Financial statements are records which provide information on the financial happenings of a company, individual, or entity. With company financial statements, the company's financial information is listed in a form using language that is easy to comprehend. These financial statements are usually provided in four separate reports over the course of the year and include a business analysis. Many large companies will provide a financial statement to the public which will generally inform investors of the company's financial stability and encourage investors to purchase company shares. Take a look at the financial statement questions below that have been answered by Experts.

What is the ucc-1 financial statement and benefits can it have for Foreclosure property owners?

A UCC-1 financial statement is collateral that is given to a lender as an assurance from a borrower equipment of machinery that the borrower uses in their business. The financial statement also notifies prospective buyers who are interested in the equipment that there is money still owed on it. The UCC-1 is similar to a mortgage and is filed in the same manner. For example, when a person wants to sell real property but there is a mortgage against the property, the person must record the real property and include there is an active mortgage against the property.

In the event a person fails to pay the purchase price of the equipment, the UCC-1 permits the lender to claim the equipment. As far as benefits pertaining to Foreclosure of a mortgage, the UCC-1 has nothing to do with a lenders foreclosure on a mortgage.

Why are companies financial statements available to the public?

While many large companies make their financial statements available to the public, not all companies choose to do so. The reason the large companies do this is because they have applied with the Securities Exchange Commission (SEC) and requested a public status. By doing this, the companies encourage the purchasing of company shares which increases the companies wealth.

When a public company begins selling shares of the company, the SEC requires the company to provide financial statements to the public. This is usually done 4 times per year which allows investors to make sound investments based on the company's financial growth.

How can I get a copy of financial statements that have been filed by my ex-boyfriend has filed during his divorce in Florida?

To begin, you will have to find out which county your ex-boyfriend would be filing the financial statement. To do this, you will have to do a search of the county clerk of court for each county in Florida. In other words, if the ex-boyfriend lives in Orlando, you would want to search the orange county clerk of court. The same thing applies if he lives in Tampa, you would search the Hillsborough county clerk of court. When you go to the county clerk of court website for each county, you can do a search by typing the person's name in the name search. You will then be able to figure out which county has the person's case. Once you find the correct county, simply request a copy of the financial statement from the clerk of court. If the case is open, anything that is filed is considered a public record. Normally there will be a small cost for the copy but it shouldn't be more than $10.

How can I obtain a financial statement from a credit union for evidence in a court matter?

In order to obtain a financial statement from a credit union for court purposes, you will need to acquire a Subpoena from the court. You can do this by filing a Motion for Subpoena duces tecum for the financial statement. When filing, you need to include a reason as to why you want the financial statement. For example; the other party refuses to provide the information. Your attorney can help you with the filing.

When you enter the financial statement as evidence, you will need to verify the statements are legitimate. To do this, you will have to Subpoena the person in charge of the financial records at the credit union. When served with the Subpoena, the person in question will have to testify to the document authenticity and also be required to bring the financial statements.

When providing a comprehensive financial statement for a divorce case, can I black out the account numbers and my address listed on the bank statements that I have to attach?

When providing a comprehensive financial statement, you can conceal your account numbers and address. There may be a possibility that the court will require you to provide these items. If this happens, you will have to comply. Generally, there is no reason for such a request but that may depend upon the judge. Basically, as long as the information that is pertinent to the case is made available for the court, you shouldn't need to add your address and account numbers.

Financial statements provide people with financial information about a company or another individual. Many times a financial statement will determine whether an investor will invest money on a company's stock shares. However, there are certain situations on a personal level that raise concerns and many questions need answers. If you are dealing with issues with your financial statement, you should ask an Expert for professional assistance.
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