SOLVENCY Definition

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SOLVENCY is a companys long-term ability to meet all financial obligations.

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FIRM is members of a business organization that owns or operates one or more establishments, e.g. a legal or accounting firm.

NONPROFIT ORGANIZATION is one that has committed legally not to distribute any net earnings (profits) to individuals with control over it such as members, officers, directors, or trustees. It may pay them for services rendered and goods provided. Also known as NOT-FOR-PROFIT ORGANIZATION.

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