Incorporation is the process of creating a legal, tax-paying entity. Businesses or companies can be incorporated or unincorporated. If unincorporated, the owner(s) of the business personally take on the assets and liabilities of the business and are personally responsible for all taxes. When incorporating, which is simply a legal registration process, a new, tax-payer is, in essence, created. Incorporating a business is a straightforward process. Lawyers and other agencies usually provide this service. By incorporating a business, the owners of the business are personally shielded from most liabilities which that business may incur - this does not apply, however, to the directors of the company who may still be liable for certain actions.

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Dynamic scoring

Political/economic forecasting technique that assumes budget reductions stimulate economic activity thereby further reducing budget deficits.

"The Republicans are embracing dynamic scoring , the theorem that one can have his cake and eat it, too. the theorem postulates that one can cut taxes and accurately forecast the economic stimulus and additional revenues that the cut will produce."< ...

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