BUSINESS UNIT Definition

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BUSINESS UNIT is equivalent to a wholly owned subsidiary except that it is not treated as a separate legal entity. It is an organization within a firm that could operate separately because it has all support functions contained within the business unit. The internal financial reporting from a business unit to the corporate office is basically identical to a separate legal entity.

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HORIZONTAL COMBINATION is a business combination of companies with similar functions in the production or sale of comparable products.

GFOA is Government Finance Officers Association.

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