It is comprised of the following three elements: 1  Assets: Something a business owns or controls (e.g. cash, inventory, plant and machinery, etc) 2  Liabilities: Something a business owes to someone (e.g. creditors, bank loans, etc) 3  Equity: What the business owes to its owners.
On December 26, 2002, Ritts died of complications from pneumonia at the age of 50. According to Ritts' publicist, Herb was HIV-positive, but this particular pneumonia was not PCP (pneumocystis pneumonia), a common opportunistic infection of AIDS. But at the end of the day, his immune system was compromised..
Born in Los Angeles, to a Jewish family, Ritts began his career working in the family furniture business. His father, Herb Ritts Sr., was a businessman, while his mother, Shirley Ritts, was an interior designer. He moved to the East Coast to attend Bard College in New York, where he majored in economics and art history.