Legal Definition and Related Resources of Going Concern
Meaning of Going Concern
A corporation or a firm that is continuing to transact its ordinary business .
Going Concern Alternative Definition
A business establishment which continues to transact its ordinary business, though it may be embarrassed, or even insolvent. 30 Fed. 865,
Related Entries of Going Concern in the Encyclopedia of Law Project
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Going Concern in Historical Law
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Going Concern Definition (in the Accounting Vocabulary)
The New York State Society of Certified Public Accountants offers the following definition of Going Concern in a way that is easy for anybody to understand: Assumption that a business can remain in operation long enough for all of its current plans to be carried out.
What is Going Concern?
A definition of going concern is: An enterprise which is being carried on as a whole, and with some particular object in view. More details on the Encyclopedia. The term refers to an existing solvent business, which is being conducted in the usual and ordinary way for which it was organized. More details on the Encyclopedia. When applied to a corporation, it means that it continues to transact its ordinary business. More details on the Encyclopedia. A firm or corporation which, though financially embarrassed, continues to transact its ordinary business.
- “Going Concern” in the White America Dictionary (New York, Los Angeles, London, New Delhy, Hong Kong, 1989)