A legal doctrine that holds an individual or business accountable for damages whether or not it was at fault. In a strict liability case, no matter how careful the business is in its product or service, if harm results from use, the individual or business is liable.
Along with the balance sheet, cash flow statement and the statement of changes in ownersâ equity, the income statement is also one of the essential means of financial reporting. It indicates whether or not the firm has made money during the period reported.
LLC Income Statement. Your LLC reports its performance on its profit-and-loss, or income, statement. The income statement shows the sales, expenses and resulting profits or losses your company generates during a specific period, often a month or a year. Although the income statement shows your LLC's financial performance, your company claims its profits or losses on its tax return.