Tag: liability

DefinitionIn most countries, a general partnership is an association of persons or an unincorporated company with the following major features... General Partner What...

What is 'General Business Tax Credit' The total value of all the individual credits to be applied against income on a tax...

What are 'General Provisions' General provisions are balance sheet items representing funds set aside by a company as assets to pay for anticipated future losses....

DefinitionTax evasion is the illegal evasion of taxes by individuals, corporations, and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of...

DefinitionTax deferral refers to instances where a taxpayer can delay paying taxes to some future period. In theory, the net taxes paid should be...

DefinitionA company's tax expense, or tax charge, is the income before tax multiplied by the appropriate tax rate. Generally, companies report income before tax...

DefinitionA tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total...

What is 'Underinsured Motorist Endorsement' An added provision or attachment to an automobile insurance policy that provides insurance coverage to the policyholder...

What is 'Ultra Vires Acts' Any act that lies beyond the authority of a corporation to perform. Ultra Vires acts fall outside...

What is Umbrella Insurance and what does it cover An Umbrella insurance policy is an insurance policy that provides additional coverage beyond the limits of...