Simple English definitions for legal terms
Read a random definition: arrearage
A business loss is when a company loses money or value unexpectedly. This can happen when something goes wrong, like a natural disaster or damage to property. The amount of the loss is usually calculated by subtracting the selling price from the original cost. Sometimes, insurance can help cover the cost of the loss. If a company sells something for less than it cost to buy, that's also considered a loss. A loss can affect a company's finances and may require them to make changes to recover.
Business loss refers to the decrease in value or financial detriment caused by an unexpected or unpredictable event. It can result from various factors such as the failure to maintain possession of a thing, casualty, or disaster.
These examples illustrate how unexpected events can cause a decrease in value or financial detriment to a business, resulting in a business loss.