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Business is the practice of making one's living or making money by producing or buying and selling products. It is also "any activity or enterprise entered into for profit."
Financial statements are formal records of the financial activities and position of a business, person, or other entity.
In financial accounting, a balance sheet is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business's calendar year.
Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account. Each transaction transfers value from credited accounts to debited accounts. For example, a tenant who writes a rent cheque to a landlord would enter a credit for the bank account on which the cheque is drawn, and a debit in a rent expense account. Similarly, the landlord would enter a credit in the rent income account associated with the tenant and a debit for the bank account where the cheque is deposited.
A limited liability company (LLC) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC is not a corporation under state law; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs are well known for the flexibility that they provide to business owners; depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership, and, under certain circumstances, LLCs may be organized as not-for-profit. In certain U.S. states, businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company (PLLC).
Golden Gate University is a private university in San Francisco, California. Founded in 1901, GGU specializes in educating professionals through its schools of law, business, taxation, and accounting. The university offers six undergraduate degrees with 11 concentrations and 15 graduate degrees with 24 concentrations.
Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.
Incorporation is the formation of a new corporation. The corporation may be a business, a nonprofit organization, sports club, or a local government of a new city or town.
A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence. This distinguishes an LLP from a traditional partnership under the UK Partnership Act 1890, in which each partner has joint liability. In an LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation. Unlike corporate shareholders, the partners have the power to manage the business directly. In contrast, corporate shareholders must elect a board of directors under the laws of various state charters. The board organizes itself and hires corporate officers who then have as "corporate" individuals the legal responsibility to manage the corporation in the corporation's best interest. An LLP also contains a different level of tax liability from that of a corporation.
A private limited company is any type of business entity in "private" ownership used in many jurisdictions, in contrast to a publicly listed company, with some differences from country to country. Examples include the LLC in the United States, private company limited by shares in the United Kingdom, GmbH in Germany and Austria, société à responsabilité limitée in France, and sociedad de responsabilidad limitada in the Spanish-speaking world. The benefit of having a private limited company is that there is limited liability. However, shares can only be sold to shareholders in the business, which means that it can be difficult to liquidate such a company.
A shell corporation is a company or corporation that exists only on paper and has no office and no employees, but may have a bank account or may hold passive investments or be the registered owner of assets, such as intellectual property, or ships. Shell companies may be registered to the address of a company that provides a service setting up shell companies, and which may act as the agent for receipt of legal correspondence. The company may serve as a vehicle for business transactions without itself having any significant assets or operations.
Bloomberg Businessweek, previously known as BusinessWeek, is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City in September 1929. Bloomberg Businessweek business magazines are located in the Bloomberg Tower, 731 Lexington Avenue, Manhattan in New York City and market magazines are located in the Citigroup Center, 153 East 53rd Street between Lexington and Third Avenue, Manhattan in New York City.
Intuit Inc. is an American business software company that specializes in financial software. The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi. Intuit's products include the tax preparation application TurboTax, personal finance app Mint, the small business accounting program QuickBooks, the credit monitoring service Credit Karma, and email marketing platform Mailchimp. As of 2019, more than 95% of its revenues and earnings come from its activities within the United States.
Trung Dung is a Vietnamese-American businessman and programmer. His life story has been profiled in many leading publications including Forbes, Financial Times, The Wall Street Journal, and San Francisco Chronicle, as well as in Dan Rather's book The American Dream.
An investment club is a group of individuals who meet for the purpose of pooling money and investing; members typically meet on a periodic basis to make investment decisions as a group through a voting process and recording of minutes, or gather information and perform investment transactions outside the group. In the US the upper limit for the value of an investment club's worth is $25m. There is no lower limit. Investment clubs provide members a means to learn about markets, while meeting and working with people who have similar interests.
The New York University Leonard N. Stern School of Business is the business school of New York University, a private research university based in New York City. It was founded in 1900. It is located on Gould Plaza next to the Courant Institute of Mathematical Sciences and the economics department of the College of Arts and Sciences.
Deen Kemsley is an accounting professor and a Christian author. He earned a PhD in business and economics from the University of North Carolina at Chapel Hill in 1995. He then served on the faculty at Columbia Business School from 1995 to 2004, taking a one-year visit to Yale School of Management in 2003. He now teaches at the A.B. Freeman School of Business at Tulane University. In addition to his academic work, Professor Kemsley is the author of Trust in the Lord: Reflections of Jesus Christ.
Jeffrey D. Gramlich is a Professor of Accounting, a Howard D. and B. Phyllis Hoops Endowed Chair in Accounting, and a Director of the Hoops Institute of Taxation Research and Policy at Washington State University. From 2003 to 2014, Professor Gramlich served as the L.L. Bean/Lee Surace Endowed Chair at the University of Southern Maine. He has been a Guest Professor at Copenhagen Business School on several occasions since his initial visit in 1996. From 2001 to 2003, he was a visiting professor at the University of Michigan Ross School of Business, and was a professor at the University of Hawaii's Shidler College of Business Administration for 11 years.
Aaron C. Brown is an American finance practitioner, well known as an author on risk management and gambling-related issues. He also speaks frequently at professional and academic conferences. He was Chief Risk Manager at AQR Capital Management. He was one of the original developers of value at risk and one of its strongest proponents.
The Stephen M. Ross School of Business, also known as Michigan Ross, is the business school of the University of Michigan, a public research university in Ann Arbor, Michigan. Founded in 1924, the school is ranked among the best business schools in the world by The Economist, Financial Times, QS World University Rankings, U.S. News & World Report, and Bloomberg Businessweek.
References
- "A Little Publisher That Could Remains on Track --- For Nelson's Redmond Technology, Full Throttle on Software Manuals", by Jeffrey A. Tannenbaum, The Wall Street Journal, December 5, 2000
