Limited Liability Limited Partnership (LLLP) Definition A Limited Liability Limited Partnership or LLLP is a form of business that contains a group of general and limited partners. Generally, the general partners have a managerial interest in running the business; whereas the limited partners have solely a financial interest, or what they invested in the company.
See also: Defining a Professional Employer Organization Advantages of PEO Services for the Business Owner PEO Compared to Outsourcing Payroll Professional Employer Organization (PEO) FAQ’s Service Department Costs How to Select a PEO Creating a successful partnership with a Professional Employer Organization (PEO), for the co-employment of your employees, requires that the Business Owner apply
See Also: Sale and Leaseback Capital Lease Agreement Lease Term Make-or-Buy Business Decision Cost Driver Lessee Defined In a lease agreement, the lessee is defined as the party that pays for the use of the asset or property. The lessor is the party that receives payments from the lessee in exchange for the usage of
See Also: Capital Lease Agreement Lease Agreements Operating Lease Sale-and-Leaseback Why Is Intellectual Property Risk Everybody’s Problem? Lease Term Definition Defined as the period of time in which a contracted lease is in place, lease term establishes the time period to both the lessee and lessor. Lease terms generally come on 3 forms: fixed, periodic,
Lease Agreements A lease agreement is a legal contract between two parties for the usage of an asset or property over a set period of time in exchange for rent payments. The owner of the asset or property allows another party to use the asset or property for payments. Often a lease agreement includes an
See Also: Skimming (fraud) The Fraud Triangle Accounting Fraud Prevention using QuickBooks Audit Scope Forensic Audit Larceny Definition The Larceny definition is the act of stealing cash from a company after it has been recorded on the company books or accounting records. Larceny is often easier to detect because it is on the books, but
See Also: Joint Costs Mergers and Acquisitions (M&A) Enterprise Value (EV) Due Diligence C Corporation A joint venture or JV is simply the combination of two or more businesses which are joined to enter into a specific business venture. The relationship is temporary until a certain event occurs or the venture has run its course.
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See Also: Sole Proprietorship Partnership Limited Partnership S Corporation Tips on How to Manage your Lawyer General Partnership A general partnership, defined as a private business owned by two or more general partners, is one of the most common legal entities which do business. Furthermore, it is unincorporated. General Partnership Explanation A general partnership, explained
See Also: Ex Works (EXW) How to manage inventory Just in Time Inventory System Inventory Cost Accounting Principles Freight on Board (FOB) Definition Freight on Board, known internationally as Free on Board, are the terms of a transaction within a contract. The terms are there to determine liability and when revenue recognition can take place
See Also: Form 1098 W2 Form 401k Tax Efficiency Internal Revenue Service (IRS) Form 1099 Definition The Form 1099 definition is used by the Internal Revenue Service (IRS) determine the amounts of income that is not in the form of wages, salary, and tips. An individual’s employer fills out the 1099. Form 1099 Meaning A form
Form 1098 Definition The IRS uses the form 1098 for the purpose of gathering information upon an individual’s amount of interest payments and mortgage payments throughout the year. 1098 reporting is beneficial because it allows an individual to claim a 1098 deduction on the tax return. Form 1098 Explanation The 1098 form often times is there