One of the Most Common Ways for Small, Closely Held

question 128

True/False

One of the most common ways for small, closely held corporations to come to an end is for the principals to simply neglect to file the annual return.

---

Definitions:

Definition Of An Element

In accounting, an element refers to the essential categories into which all financial transactions can be classified, such as assets, liabilities, equity, revenue, and expenses.

Financial Flexibility

The ability of an entity to adapt to unforeseen expenses or investment opportunities without significant stress.

Resources

Assets, both tangible and intangible, that are owned or controlled by a business and can produce value.

Adapt

The act of making adjustments or changes in order to better suit a new environment, situation, or set of conditions.