If a person says they are worth $10 billion but they own a US company that is privately held, (making it a pass-through entity) and that company owes $20 billion, how is that person allowed to say they are a billionaire? Thank you. Btw: this is an ACCOUNTING question, not a POLITICS question.
In: Economics
I believe corporations and LLCs are different entities from sole ownerships and partnerships. If the company is a corporation or an LLC then I think their financials are separate from the owner’s. Something like that.
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