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Briefly explain the concept of annual-plan control.
Sole Proprietorship
A business owned by one individual.
Unlimited Liability
A legal obligation where the owners or partners of a business are personally responsible for all the debts of the business, without any limits on the amount for which they can be liable.
Transfer Ownership
The process of legally moving the rights and responsibilities of an asset or property from one entity or individual to another.
Corporate Shareholders
Individuals or entities that legally own one or more shares of stock in a public or private corporation, granting them rights to dividends and a vote in company matters.
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