Emancipation is the legal process by which a minor is granted the freedom to assume certain legal responsibilities normally associated only with adults. This status is typically granted by a court.
A liability that is shared by a group, where each member can be held responsible for the entire obligation if other members fail in their undertaking. Commonly found in partnerships and co-signed agreements.
A public carrier, often referred to as a common carrier, is an individual or business that advertises to the public for the transportation of goods or passengers for a fee.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.