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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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Dkk
18:57
Go out and eat bar snacks and talk to someone. You are already almost 1/6th of the way done with your law school experience! @knowledgeable
Dkk
18:57
Nah just kidding. About 1/9th given summer shit.
2big2fail
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2big2fail
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concorde
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JumpySubsequentDolphin
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@KnowledgeableRitzyWasp: doooo it
Dkk
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Hold on, did someone say something earlier that I missed and then @banycat deleted her response after.
Dkk
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A tab on my computer just refreshed and I thought I saw something.
babycat
19:03
just practicing good cyber security :)
Dkk
19:04
Hmmmmm
Dkk
19:04
What did you do @babycat
babycat
19:08
luv u dk you care so much about me
Dkk
19:09
>:( no I do not. I care about myself and being responsive in a timely manner.
Dkk
19:09
I only care a little.
babycat
19:10
hehehe
babycat
19:10
You love me
babycat
19:12
How many books do you guys usually read over the span of a year?
JumpySubsequentDolphin
19:12
they only have Dasani water here that’s so sad
THERE WAS A UCLA WAVE TONIGHT??
@babycat: i read 20 books this year but they were all jan-april and ive read none since starting law school
babycat
19:15
I’m on my 42nd but the application process really slowed me down
you need to read the cosmere :)
babycat
19:17
I have an ex boyfriend in law school who says he doesn’t have time to read anymore either
i have time but i dont have the mental energy
concorde
19:18
i did ~100 last year and am probably at like 40 this year
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