Examlex
When a business is set up as partnership,the owner of the business faces unlimited liability.
Taxpayer
An individual or entity that is obligated to pay taxes to a federal, state, or local government body.
Dependent Child
A child who relies on a parent or guardian for financial support and meets certain IRS criteria, enabling the parent to claim tax benefits.
Negligence
Failure to take proper care in doing something, resulting in damage or injury to another.
Penalty
A financial charge imposed on an individual or entity for violating regulations or failing to comply with legal obligations.
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