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- Distinguish between corporations and sole proprietorshipsin terms of the following characteristics:a. Owners’ liability for debts of the business.b. Transferability of ownership interest.c. Continuity of existence.d. Federal taxation on income.Which forms of business organization, ownership is readily transferable? a. Corporation b. Sole Proprietorship c. Limited Liability Company d. Partnership1) What is One Person Corporation? 2) How to register Sole Proprietorship in BIR and DTI?
- Prepare a summary of the effects of the TCJA on the following entity types: S Corp, C Corp, LLC, and Partnership as it relates to corporate taxationCharacteristics of a corporation include a.shareholders who are mutual agents b.direct management by the shareholders (owners) c.shareholders who have limited liability d.its inability to own property1. What is a Statement of Changes in Equity? 2. What are the elements of an SCE? 3. Differentiate the SCE of a sole proprietorship, a partnership and a corporation.