Personal net worth definition
Personal net worth means the aggregate adjusted net value
Personal net worth means the socially and eco- nomically disadvantaged individual's net personal assets and liabilities, excluding an individual's ownership interest in the applicant firm and the individual's equity in his or her pri- mary residence. If the statement of personal net worth that an individual submits shows that the individual's personal net worth exceeds seven hundred fifty thousand dollars, the indi- vidual's economic disadvantage is rebutted.
Personal net worth means value of total assets less the value of total liabilities. It includes all your assets as well as those of your spouse or common-law partner and must be in either or both of your names. You must have a verifiable personal net worth of at least CAD $600,000 of which CAD $300,000 must be liquid and unencumbered. Your personal net worth must be legally obtained and must be verified by a third-party professional designated by the Department. You must disclose your full net worth; Inheritances, donations and gifts received less than six months before an application is received by the Department will not be considered eligible towards your net worth.
Examples of Personal net worth in a sentence
Occupation and current position held Years in current position Employer (e.g. company name) Number of years working for company If a business owner, please provide details such name, annual turnover and net income Industry type e.g. financial services Personal net worth and current income (including salary from employer plus any other) Explanation of how net worth was generated Inheritance, value, year, how wealth was created etc.
More Definitions of Personal net worth
Personal net worth means the net value of the assets of an individual after total liabilities are deducted. An individual’s personal net worth does not include the individual's ownership interest in an applicant or other city certified MBE or WBE or the individual's equity in his or her primary place of residence. As to assets held jointly with his or her spouse, an individual's personal net worth includes that individual’s share of such assets. An individual’s net worth also includes the present value of the individual’s interest in any vested pension plans, Individual Retirement Accounts, 401(k) accounts, or other retirement savings or investment programs less the tax and interest penalties that would be imposed if the asset were distributed at the present time.
Personal net worth means the net value of the assets of an individual remaining
Personal net worth means the net value of the assets of an individual remaining after total liabilities are deducted. However, the assets do not include the individual's ownership interest in the business applicant or participant; or the individual's equity in his or her primary place of residence. Personal Net Worth includes: (a) all asset transfers within a two-year period, to the applicant business or any other business, and trust accounts; (b) the person's interest in any other business; (c) if married, half of all assets and liabilities held jointly with the individual’s spouse, including, but not limited to bank accounts, insurance policies, retirement accounts, property and stocks and bonds.
Personal net worth means the aggregate adjusted net value of the assets of an individual remaining after total liabilities are deducted. Personal net worth includes the individual's share of assets held jointly with said individual's spouse and does not include the individual's ownership interest in the certified minority and women-owned business enterprise, the individual's equity in his or her primary residence, or up to five hundred thousand dollars of the present cash value of any qualified retirement savings plan or individual retirement account held by the individual less any penalties for early withdrawal.
Personal net worth means: the net value of the assets of an individual remaining after total liabilities are deducted. An individual’s personal net worth does not include: The individual’s ownership interest in an applicant or participating DBE firm; or the individual’s equity in his or her primary place of residence. An individual’s personal net worth includes only his or her own share of assets held jointly or as community property with the individual’s spouse.
Personal net worth means the net value of the assets of an individual after total liabilities are deducted. An individual’s personal net worth does not include the individual's ownership interest in an applicant or other business that is not publicly held, or the individual's equity in any real estate and any related fixtures or furnishings. An individual’s net worth also does not include the value of the individual’s interest in any pension plans, Individual Retirement Accounts, 401(k) accounts, or other retirement savings or investment programs. As to assets held jointly with his or her spouse, an individual’s personal net worth includes only that individual’s share of such assets.
Personal net worth means the net value of the assets of an individual remaining after total liabilities are deducted. An individual’s personal net worth does not include the following: (1) the individual’s ownership interest in an ACDBE firm or a firm that is applying for ACDBE certification; (2) the individual’s equity in his or her primary place of residence; and (3) other assets that the individual can document are necessary to obtain financing or a franchise agreement for the initiation or expansion of his or her ACDBE firm (or have in fact been encumbered to support existing financing for the individual’s ACDBE business), to a maximum of $3 million. An individual’s personal net worth includes only his or her own share of assets held jointly or as community property with the individual’s spouse.