CFR > Title 27 > Chapter I > Subchapter A > Part 28 > Subpart B – Definitions
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| § 28.11 | Meaning of terms |
Terms Used In CFR > Title 27 > Chapter I > Subchapter A > Part 28 > Subpart B - Definitions
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.