At the end of the bond's life the money should be repaid in full. Likewise, if you failed to maintain a formal legal separation between your business and your personal financial affairs, creditors could try to hold you personally responsible for the business's debts under a theory known as "piercing the corporate veil." If the debtor has not yet paid the debt, then you will want to remind them that the debt is still outstanding. The IRS considers “loans” to your minor children as gifts making the ensuing bad debt not deductible. Lawyers work on either a time and materials basis or on a cont

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