Legal Responsibilities

Emancipation
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.
Joint and Several Liability
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.
Person
An individual, trust, estate, partnership, association, company, or corporation having certain legal rights and responsibilities.
Public Carrier
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.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.