To start a partnership business, what should be the minimum number of partners?

business or group of people legally allowed to act as a single unit

most common type of corporation; has shareholders which elect a board of directors which oversee the company’s activities

governing body of elected members which oversee the company’s activities

profits are taxed when earning and taxed again when distributed as shareholders’ dividends

formerly called a “sub section S corporation”; records profits and losses on shareholders’ personal tax returns

levy placed on the profit of a firm, with different rates used for different levels of profit

company procedures which ensure transactions are recorded properly

external document showing a company’s financial position at a certain time

earnings maintained by the company for financial growth

statement outlining the changes in retained earnings for a certain period

shows how profitable a company is during a certain accounting period

list of all accounts and their balances at a certain point to verify all the debits equal the credits

collection of all accounts in a business

form used to record transactions in a chronological order

time frame when certain accounting transactions occur