Examlex
The equity section of a statement of financial position has two components:
Double Taxation
The imposition of two or more taxes on the same income, asset, or financial transaction, often in different jurisdictions.
Corporation
A legal entity that is separate and distinct from its owners, capable of owning property, entering into contracts, and being sued or suing.
Shareholders
Individuals or entities that own shares in a corporation, giving them certain rights such as voting on corporate matters.
Unlimited Personal Liability
A legal obligation where an individual can be held personally responsible for the debts and obligations of a business entity without any limit on the amount.
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