A business organization, such as a corporation, limited liability company or partnership. Firms are typically associated with business organizations that practice law, but the term can be used for a wide variety or business operation units.


While business activities are typically conducted under the firm's name, the legal protection to employees or owners depends on the type of organization it was created under. Some organizational types, such as corporations, provide more protection than others.

  1. Subchapter S (S Corporation)

    A form of corporation that meets the IRS requirements to be taxed ...
  2. Corporation

    A legal entity that is separate and distinct from its owners. ...
  3. Limited Liability Company - LLC

    A corporate structure whereby the members of the company cannot ...
  4. Partnership

    A business organization in which two or more individuals manage ...
  5. Delaware Corporation

    A corporation that is legally registered in the state of Delaware, ...
  6. Neglected Firm Effect

    A theory that explains the tendency for certain lesser-known ...
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  1. How are joint ventures regulated in the United States?

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  2. Revenue

    The amount of money that a company actually receives during a specific period, including discounts and deductions for returned ...
  3. Normal Profit

    An economic condition occurring when the difference between a firm’s total revenue and total cost is equal to zero.
  4. Operating Cost

    Expenses associated with the maintenance and administration of a business on a day-to-day basis.
  5. Cost Of Funds

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  6. Cost Accounting

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