In a Professional Corporation, All Shares of Stock Must Be

question 91

True/False

In a professional corporation, all shares of stock must be owned and held by individuals licensed in the profession of the corporation.

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Definitions:

Accounts Receivable

Money owed to a company by its customers for goods or services provided on credit.

Trial Balance

A bookkeeping report that lists the balances of all ledgers accounts to check the arithmetic accuracy of the accounts.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity, typically including the balance sheet, income statement, and cash flow statement.

Balance Sheet

A report detailing a business's assets, liabilities, and equity held by shareholders at a certain moment.