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LSDefine

Simple English definitions for legal terms

going concern

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A quick definition of going concern:

Going concern is a fancy accounting term that means a business is doing well and can keep going for a long time. If a company is not a going concern anymore, it has to tell everyone on its financial statements. This is different from businesses that are being sold or broken up.

A more thorough explanation:

Definition: Going concern is a term used in accounting to describe a business that is financially stable and can operate with the expectation of indefinite existence. If a company is no longer considered a going concern, it must disclose specific information on its financial statements. In bankruptcy law, going concerns are distinguished from businesses that are being liquidated or broken into smaller entities.

Example 1: ABC Company has been in business for 20 years and has consistently made a profit. It has a strong customer base and a good reputation in the industry. Based on these factors, ABC Company is considered a going concern.

Example 2: XYZ Company has been struggling financially for the past year. It has been losing money and has had to lay off employees. If XYZ Company cannot turn its financial situation around, it may no longer be considered a going concern.

These examples illustrate the concept of going concern by showing how a company's financial stability and ability to continue operating indefinitely are important factors in determining whether it is a going concern or not. In Example 1, ABC Company's long history of profitability and strong reputation indicate that it is likely to continue operating successfully in the future. In Example 2, XYZ Company's recent financial struggles suggest that it may not be able to continue operating indefinitely if it cannot improve its financial situation.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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