are the fundamental legal, corporate, and organizational differences between not-for-profit and for-profit BC/BS plans in terms of ownership, governance, and utilization of profit? Please explain in great detail

are the fundamental legal, corporate, and organizational differences between not-for-profit and for-profit BC/BS plans in terms of ownership, governance, and utilization of profit? Please explain in great detail

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter15: Using Management And Accounting Information

Section15.5D: Liabilities And Owners’ Equity

Problem 3CC

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Question

What are the fundamental legal, corporate, and organizational differences between not-for-profit and for-profit BC/BS plans in terms of ownership, governance, and utilization of profit? Please explain in great detail.

Expert Solution

Introduction

A company in when group of people come together for achieving common goal. This common goal and the structure of the company gives the company different types.

A company can be hold by government, by private individuals, by the kings or by some trust. But every type of company strives to cater to the needs of society.

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