Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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- 1.What are the main advantages of proprietorships, partnerships, and limited liability companies? 2.What are the disadvantages of a partnership over a limited liability company form of organization for a profit-making business?arrow_forwardWhat choices are available to a group of persons creating a business? Why is it possible that a partnership is not the optimal company structure? What additional possibilities do they have?arrow_forwardWhat are the main advantages of a company compared to a sole trader and a partnership?arrow_forward
- Which of the following is a disadvantage of the partnership form of organization? A. limited life B. no taxation at the partnership level C. flexibility in business operations D. combining of financial resourcesarrow_forwardWhat are the benefits of the corporation in comparison with the partnership and proprietorship structures? How is equity treated and reported differently in this structure?arrow_forwardWhich of the following is NOT a form of ownership that the entrepreneur should consider? a. Sole proprietorship b. Limited partnership c. Corporation d. General partnershiparrow_forward
- What is a disadvantage of the corporate form? Profit O Revenue Owners have very little influence on business decisions O Limited liabilityarrow_forwardWhich form of business structure typically has the greatest potential for agency problems? Limited partnership General partnership Sole proprietorship Limited liability company Corporationarrow_forwardWhat options does a group of people have when forming a business? Why might a partnership not be the best form of business organization? What other options might they have?arrow_forward
- Which of the following legal forms of organization is most expensive to organize? O corporations O limited partnership O sole proprietorships O partnershipsarrow_forwardWhich of the following is a reason to use a partnership as the legal form of a business? A. Partnerships avoid the difficulty of raising capital. B. Partnerships avoid the issue of mutual agency. C. Partnerships avoid the issue of double-taxation faced by corporations. D. Partnerships avoid the issue of unlimited liability.arrow_forwardAgency problems would be less likely to exist in a: sole proprietorship. partnership. private company. public company.arrow_forward
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