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- Oct 15, 2017
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My (small) corporation's tree roots caused damage to several people's homes. The two sides' attorneys went back and forth on this for over a year. Threats of going to court were made by the homeowners. The corporation acquired a new attorney. The new attorney firmly advised the corporation to settle and to pay for the repairs to the homes. The corporation did so. No filings in court were ever done.
At present, the corporation's Profit and Loss statements show the cost of the settlements under an infrastructure repair line item. Some shareholders think this is deceptive. They say there should be a line item for "legal settlement" or similar. Are they correct?
My corporation uses Quickbooks.
At present, the corporation's Profit and Loss statements show the cost of the settlements under an infrastructure repair line item. Some shareholders think this is deceptive. They say there should be a line item for "legal settlement" or similar. Are they correct?
My corporation uses Quickbooks.