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Tax

Of or relating to the fees charged by a government on a product, income, or activity; and also to the system by which they are successfully levied.

Industry: Accounting

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Tax

Limit of liability

Accounting; Tax

When an insured is covered by more than one policy for a loss, each insurer pays according to a predetermined formula

Hold harmless

Accounting; Tax

An agreement where one party agrees to release another party from any legal liability that may occur as the result of a specific event

Ratio obtained by dividing total credit sales by accounts receivable The result indicates how many times the receivables have been collected during the period covered by the sales It's a measure of ...

Limited partner

Accounting; Tax

An investor in a partnership whose personal liability is limited Such investors are generally considered passive for income tax purposes

Limited liability company

Accounting; Tax

A entity created under state law that is taxed like a partnership (i e , income and losses are passed through to the partners), but where the liability of the owners is limited to their investment in ...

Holdback

Accounting; Tax

The portion of a loan not paid out to the borrower until a certain requirement is completed For example, a lender may release 10% of the total amount of a loan on completion of the foundation, an ...