Concept Introduction:
Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general
Requirement-1:
To Indicate:
The definition, examples or description applicable for each type of business entity.
Concept Introduction:
Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.
Requirement-2:
To Indicate:
The advantages and disadvantages for each type of business entity.
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Chapter 1 Solutions
Cornerstones of Financial Accounting
- What are some of the reasons a business owner might choose the corporate form of business?arrow_forwardListed below are definitions, examples, or descriptions related to business entities.1. Owned by one person2. Can make and sell goods (manufacturing)3. Owned by more than one person4. Can sell goods (merchandising)5. Can provide and sell services6. Legally, a separate entity from theowner(s)7. A law firm owned by some of theemployees who are each liable for thefinancial obligations of the entity8. The Coca-Cola CompanyRequired:1. For each of the three types of business entities (sole proprietorship, partnership, and corporation),select as many of the definitions, examples, or descriptions as apply to that type ofentity.2. CONCEPTUAL CONNECTION Explain the advantages and disadvantages of each type ofbusiness entity.arrow_forwardplease answer correct in detail Identify each of the following characteristics as being an advantage or a disadvantage of the corporate form of business or not applicable to the corporate form of business organization. 4. Unlimited liability of owners 5. Government regulations 6. Seperation of ownership and managementarrow_forward
- The rules that govern management and legal issues of a business are called A. ordinances B. bylaws C. constitutions D. statutes SUBMITarrow_forwardWhich form of business organization is characterized by having the shortest start-up time and lowest legal costs? Select one: a. partnership b. S-corporation c. proprietorship d. corporationarrow_forwardAs used in the definition of accounting, an economic entity may be a. a business enterprise b. an individual c. a division within a business enterprise d. all of the above e. none of the above EXPLAINarrow_forward
- Which of the following is not considered a stakeholder of an organization?A. creditorsB. lendersC. employeesD. community residentsE. a business in another industryarrow_forwardNext to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations. Ease of formation Characteristic 1 2 Owner liability 3. 4 Duration of life 5. Government regulation 6. Owner authority and control 7. Owner liability 8. Ability to raise large capital amounts Tax status of income Descriptionsarrow_forwardFor a business of a certain size, which type of business organization provides the least amount of protection from bankers and other creditors of the company? OA. Proprietorship OB. Partnership C. Both a and b OD. Corporationarrow_forward
- A concept of accounting that indicates that the financial records of the business should be kept separate from the personal financial records of the business owner is the ________________________. Group of answer choices business entity concept cost concept proprietorship concept asset conceptarrow_forwardAssets are _________________________. Resources owned by suppliers of the business Resources owned by the business Resources owned by the stakeholders of the business Resources owned by the employees of the businessarrow_forwarddifferent forms of business organization and the activities performed by eacharrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College