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Simple English definitions for legal terms

statement of condition

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A quick definition of statement of condition:

A statement of condition, also known as a balance sheet, is a document that shows how much money a person or company has, how much they owe, and how much they own. It helps to give a clear picture of their financial situation at a specific point in time. This statement includes information about assets, liabilities, and owners' equity. It is different from an income statement, which shows how much money a person or company has earned and spent over a period of time.

A more thorough explanation:

A statement of condition is also known as a balance sheet. It is a financial statement that shows the current financial position of an entity. This statement discloses the value of the entity's assets, liabilities, and owners' equity.

For example, if a company has $100,000 in assets, $50,000 in liabilities, and $50,000 in owners' equity, the statement of condition would show these values. This statement is important because it helps investors and creditors understand the financial health of the entity.

The statement of condition is different from the income statement, which shows the entity's revenue and expenses over a period of time. The statement of condition is a snapshot of the entity's financial position at a specific point in time.

statement of claim | statement of confession

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Write a poem rizzing up the admission staff
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More things to worry about over the weekend nice....
[] ararara
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@Zenaida-Macroura: there’s no reason to worry ☮️ ❤️ but I/we get it! For me I’m super worried about not having any money coming in for a while plus no sugar mommy/daddy (yet!) to take care of me!
[] ararara
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I always think back to when I was anxious waiting for my lsat results one take. I went to the park and a parent let me play with their kid. I fixed his truck and he was hyped! He told me to “have a good time!” when I left haha. He’s our spirit animal!
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@ararara: You're so sweet, this is nice to hear ty <3!!!!1
manifestmoreadmissions
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@Zenaida-Macroura: I got admitted to a school on a sunday once
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@menherachan: ok first of best of luck!! second off did they tell you that like in a feeler or when you reached out to them or like some other way?
manifestmoreadmissions
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@KnowledgeableRitzyWasp: i think its so cool when you say the schools im WL'ed by still have room
[] ararara
9:43
Yooo hahah we’ve also gotta play hard just like that kid we’re going to go crazy and break everything in this place happy Monday!!
okay guys if you were making a love songs playlist what would you put on it?
manifestmoreadmissions
9:47
greensleeves
Zenaida-Macroura
10:00
@baddestbunny: love by DEAN!!!!
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dammit he was supposed to be doing the whip
forever and ever amen by randy travis!
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ThiagoSplitter2024
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today is the day for AdComs to roll out of bed and fire off some decisions! Carpe Diem
true!
[] ararara
10:37
It’s better for off topic but “Here In Your Arms” by hello goodbye hahaha https://m.youtube.com/watch?v=6-KQ1tp_qOQ&pp=ygUeaGVyZSBpbiB5b3VyIGFybXMgaGVsbG9nb29kYnll
[] ararara
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Wish sunshine was here (lsd mod) she used to tell people to sing and dance before their lsats
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@baddestbunny: hope this means you’re in love!
amlaw
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please let something good happen today
washu please! today is the day to tell me somethin
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