An unincorporated business owned by two or more individuals.

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A business with a single owner.

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A separate legal entity having its own rights, privileges, and liabilities distinct from those of its owners.

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Liabilities whose payment is dependent on a particular occurrence such as settlement of litigation or a ruling of a tax court.

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This financial statement details the inflows and outflows of cash during a specified period of time$$the same period that is used for the income statement.