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Reversing entries are an optional bookkeeping procedure.
Sole Proprietorship
A business structure in which a single individual both owns and operates the business, bearing unlimited liability for its debts.
Major Shareholder
An individual or entity that owns a significant percentage of a company's shares, exerting influence or control over its management.
Vicariously Liable
Legal principle where one party is held responsible for the actions or omissions of another party.
Joint
Pertaining to rights, obligations, or ownership shared between two or more parties.
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