The business and its owner(s) are two separate entitles
When the accounting records of a particular business are kept separate, business owners can compare that business’s profitability, et al to other businesses they own. If the business entity’s accounting records include financial information about the business’s owners or other businesses, it will be hard to keep track of the finances for each business in question. Business owners who use this concept can compare their business’ finances to other businesses in their industry.
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