Question: On July 1 of year 1, Riverside Corp. (RC). Complete the required journal entries to record payroll on December 31, collection of rent on December 10 and the adjusting journal entry on December 31.Personal property held for sale or lease in the ordinary course of business on the lien date of January 1. A Fictitious Business Name shall be filed within 40 days of first transacting business. Once registered, it is effective for 5 years. This article offers guidance on helping clients take advantage selling personal goodwill as a tax strategy. Personal property held for sale or lease in the ordinary course of business is exempt. In contemplating the sale of an Scorp, it is important to plan how the transaction is structured from a tax perspective (ideally before an LOI is signed). Contact the County Clerk to file a fictitious business name, at (951) 486-7000 or find the nearest office location. There can be major tax implications for both the buyer and seller based on the structure of a sale of a C corporation.