Bound by each others action Limited partnership Least one partner has unlimited liability Corporation Is a legal entity, or being, owned by individual stockholders nonprofit organization Institution that functions much like a business, but does not operate for the purpose of generating profits ...
Assets Anything of value that is owned Income Statment A report of the revenue, expenses, and net income, or net loss over an accounting period Debt The state of owing money Accounting Equation Assets = Liabilities + Owner's EquityStates that a company's total assets are equal to the sum ...