Examlex
Sales Discounts and Sales Returns and Allowances are contra revenue accounts that are debited during the closing process.
S Corporation
A type of corporation in the United States that elects to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code, allowing profits to be passed directly to shareholders and avoid double taxation.
Promoters
Individuals or entities that take the initiative in founding and organizing a business or corporation, often responsible for its early management and securing of initial capital.
Incorporation Process
The legal procedure through which a business entity is formed and recognized as a corporation under the law, providing it with certain legal rights and protections.
Capital
Financial assets or resources owned by an individual or organization, used for investment or production.
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