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Explain the common definitions of a unitary business with examples, in a way that a non-attorney/non-accountant...

Explain the common definitions of a unitary business with examples, in a way that a non-attorney/non-accountant can understand.

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Answer #1

Defination:

Unitary business refers to a business operations, which are of mutual benefit, or contributory to one another, either individually or as a group. Some of the main characteristics of Unitary business are unity of ownership ,centralization of management, functional integration etc.

The concept of Unitary business can be applied within a single legal entity or between two or more multiple entites . It does not matter whether the entity is a corporation, a partnership, sole propitership or a trust.

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