= Solution
With <right censoring>, an event has not occurred by the last observation time $C$, so the data establish only $T>C$. One records $Y=\min(T,C)$ and $\delta=\mathbf1_{\{T\le C\}}$, distinguishing an observed event from a censored exit. A business still operating at the follow-up deadline is administratively right-censored. \b[Its observed age is a lower bound on its lifetime, not its eventual closure age.] Standard <survival analysis> requires suitable <independent censoring>, possibly conditional on the fitted <covariates>.
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