Incorporation: Clients considering structuring their new business as a corporation are aware that there are complex issues to consider when accounting for an incorporated entity. The clients often want information about the following key areas:

A. Differentiate between various forms of bankruptcy and restructuring that the clients should understand. 1. Summarize the key points of interest if the company fell on hard times and had to file voluntary bankruptcy. What ethical implications should be considered when debating whether or not to file bankruptcy?

2. Identify the key areas of concern if the company fell on hard times and their creditors forced them into bankruptcy. What defenses are available in this situation?