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What debts are dischargeable?

Question: What debts are dischargeable? Answer: Generally, all debts listed on the petition are dischargeable. However, certain types of debt listed in 11 U.S.C. §523 are not dischargeable. The non-dischargeable debts listed in §523 include, but are not limited to: a....

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What is a Sole proprietorship?

Question: What is a Sole proprietorship? Answer. The most common and the simplest form of business is the sole proprietorship. In a sole proprietorship, a single individual engages in a business activity without necessity of formal organization. If the business is...

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What is an “S” Corporation?

Question: What is an "S" Corporation? Answer: An “S” corporation is not a matter of state corporate law but rather a federal tax election. A for-profit corporation elects to be taxed as an “S” corporation by filing an election with the Internal Revenue Service. For...

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What is a Texas Limited Partnership?

Question: What is a Texas Limited Partnership? Answer: A Texas limited partnership is a partnership formed by two or more persons and having one or more general partners and one or more limited partners. The limited partnership operates in accordance with a...

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