Examlex
Which of the following account names should not be used in modern practice?
Unlimited Liability
A legal obligation where business owners and partners are personally responsible for all the debts of the business.
Separate Taxation
A tax system in which different types of income are taxed separately rather than being combined and taxed at the same rate.
Sole Proprietorship
A business structure where a single individual owns, operates, and is responsible for all aspects of the business, including liabilities.
Owners' Claims
The financial interest or claims that business owners have in the assets of their company, often calculated as equity.
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