A limited liability company (LLC) is business entity authorized by a state. Neither a partnership nor a corporation, an LLC provides sole proprietors and business partners many of the rights afforded ...

A company figures its profit or loss over time by subtracting expenses from revenue. For tax purposes, the relevant time period is the tax year or other fiscal year approved by the Internal Revenue ...

Accrual accounting is one of the primary accounting methods and is based on the matching principle, which dictates that revenues and their associated expenses be recorded in the same accounting period ...