Examlex
When total revenue minus total economic cost is equal to zero, the firm is
Manager-Managed
A management structure in which a company is overseen by professional managers rather than its owners or members.
Member-Managed
Refers to a type of management structure in an LLC where all members participate in the decision-making processes.
Limited Liability Company
An enterprise configuration that amalgamates the individual taxation approach of sole proprietorships or partnerships with the capped liability advantages of a corporation.
Corporation
A legal entity that is separate and distinct from its owners, offering them limited liability and the ability to raise funds by selling shares.
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