Examlex
Identify the ways that each of the subfields can be applied.
Voluntary Association
An organization created by individuals who voluntarily unite to pursue a common interest or goal without necessarily seeking profit.
Business Profit
The financial gain realized when the revenue generated from business activities exceeds the expenses, taxes, and costs associated with sustaining the business operations.
S Corporations
Corporations that elect a special tax status to pass income, losses, deductions, and credit through to their shareholders for federal tax purposes.
Separate Legal Entity
A legal structure that is distinct and independent from its owners, allowing it to own assets, incur liabilities, and enter into contracts.
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