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Common companions in a partnership (apart from a limited liability partnership), plus anyone who personally owns and operates a business with out creating a separate authorized entity, are personally responsible for the debts and obligations of the business.
17 Accounting, which has been known as the “language of business”, 18 measures the results of a corporation’s economic actions and conveys this data to a wide range of users, together with buyers , creditors , management , and regulators 19 Practitioners of accounting are often known as accountants The phrases “accounting” and “monetary reporting” are sometimes …