PERPETUAL SUCCESSION Definition

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PERPETUAL SUCCESSION is one of the legal distinctions between a business and a company. A company has perpetual succession meaning that a change in the membership does not affect the existence of the company whereas a business does not enjoy this perpetual succession. For example, in the case of a partnership, which is one form of business registration, a change in the membership affects the partnership.

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DISCRETIONARY INCOME means the amount of a companys income available for spending after the essentials have been met. See DISPOSABLE INCOME.

BAD DEBT EXPENSE see UNCOLLECTIBLE ACCOUNT EXPENSE.

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