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General Partnership
A business structure where two or more individuals own and operate a business in partnership with each other, sharing both profits and liabilities.
Federal Income Tax
A tax levied by the United States federal government on the annual income of individuals, corporations, trusts, and other legal entities.
Limited Life
A concept referring to assets or entities that are not expected to operate indefinitely, having a defined period of effectiveness or existence.
Net Loss
The result when total expenses exceed total revenues during a specific period, indicating financial loss.
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