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Explain the main similarities and differences between an operating lease and a finance lease,and state how each is treated in the financial statements of a business.
Nonprofit Corporation
A legal entity organized for purposes other than making a profit, often focused on charitable, religious, educational, or public service objectives.
Purpose Clause
A segment within a legal document that specifies the intentions or objectives that the parties aim to achieve with the contract or agreement.
Articles Of Organization
The document filed with a state government to legally document the creation of a limited liability company (LLC).
Ultra Vires Doctrine
A principle stating that acts performed beyond the powers or authority granted by law or under a corporate charter are void or voidable.
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