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Attorney Morriss is representing Mr. Meiners in a case involving the kidnapping of Mr. Meiners's two dogs. During one of their conversations, Mr. Meiners reveals that he is planning to murder the key suspect in the kidnapping. Attorney Morriss notifies the police. Attorney Morriss is guilty of
GAAP
Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction, notably in the United States.
Limited Liability Company
A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Tax Treatment
The specific methodology applied to determine the amount of taxes owed by an individual or business.
Limited Liability
A legal structure where a company's owners are not personally liable for the company's debts or liabilities.
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