Term
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Definition
| A business owned by a single individual |
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Definition
| An association of two or more individuals joining together as co-owners to operate a business for profit |
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Definition
| A partnership in which all partners are fully liable for the indebtedness incurred by the partnership |
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Term
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Definition
| A partnership in which one or more of the partners are fully liable for the indebtedness incurred by the partnership |
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Term
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Definition
| An entity that legally functions separate and apart from its owners |
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Term
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Definition
| A corporation that, because of specific qualifications, is taxed as though it were a partnership |
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Term
| limited liability company (LLC) |
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Definition
| A cross between a partnership and a corporation under which the owners retain limited liability but the company is run and is taxed like a partnership |
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Term
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Definition
| Gross income from all sources, except for allowable exclusions, less any tax-deductible expenses |
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Term
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Definition
| A firm's dollar sales from its product or services less the cost of producing or acquiring them |
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Term
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Definition
| The tax rate that would be applied to the next dollar of income |
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Term
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Definition
| the means by which an asset's value is expensed over its useful life for federal income tax purposes. |
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Term
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Definition
| As defined by the revenue code, a gain or a loss resulting from the sale or exchange of a capital asset |
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Term
| net operating loss carryback and carryforward |
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Definition
| A tax provision that permits the taxpayer first to apply a 2 loss against the profits earned in the 2 prior years (carryback). If the loss has not been completely absorbed by the profits in these 2 years, it may be applied to taxable profits in each of the 20 following years (carryforward). |
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Term
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Definition
| The cash flows that result from the acceptance of a project the firm takes on |
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Term
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Definition
| A market in which the prices of securities at any instant in time fully reflect all publicly available information about the securities and their actual public values |
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Term
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Definition
| Problems and conflicts resulting from the separation of the management and ownership of the firm |
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