CFIN (with MindTap Finance, 1 term (6 months) Printed Access Card) (MindTap Course List)
6th Edition
ISBN: 9781337407342
Author: Scott Besley, Eugene Brigham
Publisher: Cengage Learning
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Chapter 1, Problem 13PROB
Summary Introduction
To describe: major differences between three forms of business organizations
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Determine whether each describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure. :
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The following describe several different business organizations. Determine whether each description best refers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC).
Compare and contrast the three types of business organizations (Sole proprietorship, Partnership, and Corporation) with respect to the following items:(1) ownership, (2) liability, and (3) capitalization.
Chapter 1 Solutions
CFIN (with MindTap Finance, 1 term (6 months) Printed Access Card) (MindTap Course List)
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- Discuss the different types of business structures and compare and contrast these different structures (Corporate, Sole Proprietorship, Limited Liability),arrow_forwardWhich of the following is not one of the three forms of business organization? Corporations. Partnerships. Proprietorships. Investorsarrow_forwardDescribe the difference between a sole proprietorship, a partnership, and a corporation?arrow_forward
- Which business organization has the most legal formality requirements? a. Corporation b. Partnership c. Joint Ventures d. Sole proprietorshiparrow_forwardExplain common forms of business ownership—soleproprietorship, partnership, and corporation—and demonstrate how they differ in terms of their pre-sentation in the statement of financial position.arrow_forwardCompare and contrast the three major forms of business organization which are sole proprietorship, partnership and corporation. Also, relate the scope of the role of a financial manager within these business organization.arrow_forward
- 3. Explain the concept of the following Business Ownerships: Sole Proprietorship, Partnership, Corporation, and Cooperation. Describe the advantages and disadvantages of each business.arrow_forwardWhat are the key differences among proprietorships, partnerships, and corporations?arrow_forwardIn the context of the various forms of business ownership, discuss the two basic types of partnerships.arrow_forward
- Which forms of business organization, ownership is readily transferable? a. Corporation b. Sole Proprietorship c. Limited Liability Company d. Partnershiparrow_forwardWhich of the following is true about an organizational structure? It is either a sole proprietorship, a partnership, or a corporation. It is similar for most companies. It is the framework by which a group is organized. O It is typically inflexible and centralized.arrow_forwardQuestion based on the picture attached (b) Explain any three (3) costs and benefits of partnerships/proprietorships as compared to corporation. Give your opinion which type of organizational structure is preferable.arrow_forward
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