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Popular Accounting Topics

Accounting for Merchandising Activities
Debits and Credits (Double Entry Accounting)
Time Value of Money & Present/Future Values
Complex Debt & Equity Instruments
Common Stock & Shareholder's Equity
Accounting & Finance Ratios
Valuing Common Stock
Corporate Income Taxes
Lower of Cost or Market (LCM) & Inventory Valuation
Chart of Accounts & Bookkeeping
Bonds Payable & Long Term Liabilities
Capital Assets

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Limited Liability

Limited Liability in a nutshell stands for 'you can only lose what you have invested in the business.' Thus, your personal assets & affairs are kept separate from the affairs of the business. If your business was to declare bankruptcy, your personal assets would not be liable to Court or available to creditors to take, only your business assets (used in your business) will be up for grabs to the creditors.

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