Examlex
The Whitmer Trust operates a manufacturing business. When Whitmer incurs a net operating loss, the current-year deduction passes through to the income beneficiaries.
UPA
Abbreviation for "Uniform Partnership Act," a uniform law regulating the formation, operation, and dissolution of partnerships in the United States.
Term Partnership
A partnership that is set up to run for a set time period or in order to accomplish a task of some sort.
Unlimited Liability
The legal obligation of business owners to pay all of their business debts personally, without limit, which exposes personal assets to risk.
Sole Proprietorship
A business formed by the sole proprietor. It is the easiest business organization to form.
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