Answered: In which legal business relationship…

Business

Accounting

In which legal business relationship two or more people agree to share ownership and management of a business

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 5P

See similar textbooks

Related questions

Q: Which of the following business organization is owned by two or more persons? O a. Company O b. Sole…

A: Following is the answer to the given question

Q: Which of the following statements is true of a sole proprietorship? A. A sole proprietorship…

A: The business can be identified as sole proprietorship, partnership or others.

Q: Explain common forms of business ownership—soleproprietorship, partnership, and corporation—and…

A: A form of business that is owned and controlled by an individual and does not have a separate legal…

Q: Form of business that is legally created under Oman Commercial Law a. Cooperative b. Partnership c.…

A: Cooperative societies means that form of activities which is run with the motive of mutual…

Q: Complete the following table with either a yes or no regarding the attributes of a sole…

A: Solution Concept Sole proprietorship business is a business which is owned and controlled by a…

Q: Only if the business has more than one shareholder is it required to account for business…

A: The Answer

Q: The ability to combine skills and knowledge is anadvantage of aa. partnership.b. sole…

A: Partnership is a form of business in which two or more than two people invest their time and money…

Q: Which type of business organisation has a separated legal entity from its owners, and the owners are…

A: A. Limited Liability Company (LLC) A Limited Liability Company (LLC) is a cross between a…

Q: a) What an associate is and explain the accounting requirements relating to having an associate and…

A: Companies invest money into another company and that company in which the investment is made becomes…

Q: permitted Salalah Methanol Co. is a to engage in any lawful, for profit business or activity other…

A: Sole proprietorship refers to a form of business organization that is owned, managed, and controlled…

Q: Write a letter advising a hypothetical sole proprietor to choose another form of business ownership.…

A: To, The sole proprietor, Place .... Letter:: Advantage of having another form of business rather…

Q: . Distinguish between articles of incorporation and by-laws

A: " Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which type of business organization is owned by only one owner? Corporation Partnership Sole…

A: Find the business organization that is owned by only one owner:

Q: QUESTION 15 Which Which of the following statements is correct about a sole trader? a. Pays…

A: The question is multiple choice question Required Choose the Correct Option

Q: Complete the following table with either a yes or no regarding the attributes of a proprietorship,…

A: Proprietorship is usually owned by a single individual wherein the obligation is unlimited.…

Q: In which of the following business organization is the business considered separate from the owners:…

A: Hello, I am only answering first question as per the policy and If you want other to be answered…

Q: Which of the following is true? a. Owner in sole proprietorship has less responsibility in running…

A: d. The owner of sole proprietorship has less available capital compared to partnership.

Q: The following describe several different business organizations. Determine whether each description…

A: The corporation is a legal entity separate from its shareholders. Just like an individual, a…

Q: When operating as a proprietary business, which of the following is true? Select one: a. All debt…

A: Option “D” is true.

Q: This business starts with relatively small amount of capital and the owner proprietor is only person…

A: The business may be started with one person or multiple persons.

Q: Two of the business organizational forms your book talks about are limited liability company (LLC)…

A: limited liability company - It is a company wherein if any debt arises of the business then the…

Q: Determine if sole proprietorship, partnership, or corporation. Select all that is applicable between…

A: Business ownership seems mostly seems in three top forms i.e sole proprietorship, partnership, or…

Q: A business created as a distinct legal entity composed of one or more individuals or entities is…

A: A distinct legal entity that composed of one or more individuals or an entities

Q: All of the following are self-employment income except A) net income of a sole proprietorship.…

A: SOLUTION- SELF EMPLOYED INCOME IS EARNED FROM CARRYING ON BUSINESS OR TRADE AS A SOLE PROPRIETOR ,…

Q: The following describe several different business organizations. Determine whether each description…

A: Sole proprietorship: The form of business entity which is owned and managed by an individual is…

Q: Question 1: a) Differentiate between Partnership and Corporation. (Write any 4) b) Explain about…

A: A partnership is a legally binding contract between two or more people to manage and operate a…

Q: Determine whether each describes a sole proprietorship, a general partnership, or a corporation.…

A: The answers are provided below:

Q: Define the following: A) Resident Citizen B) Non-Resident Citizen C) Resident Alien D) Non-Resident…

A: Since you have asked the question with the multiple sub-parts, we will solve the first three…

Q: Refer to Chapter 11-1A, page 619: Characteristics of sole proprietorships, partnerships, and…

A: Proprietorship is that form of business which is being held by single person. Partnership is the…

Q: When the management of a business is conducted by individuals other than the owners, the business is…

A: There are four types of business organizations , they are; 1.sole proprietors 2. partnership 3.…

Q: how do owners’ equity accounts in a corporation differ from those in a sole proprietorship or…

A: Stockholder’s equity: It refers to the amount of capital that includes the amount of investment by…

Q: Which of the following organization forms accounts for the greatest number of firms? O A. Limited…

A: The businesses are established to earn income. The business can be in any form like partnership,…

Q: Under the corporate form of business organization, Group of answer choices a)ownership rights are…

A: Owners of a corporate (company) are the stockholders. Shockholders hold shares of the corporate…

Q: Which type of business has ownership interests that cannot be transferred to other parties without…

A: In both corporation and limited liability companies the ownership interest cannot be transferred to…

Q: 1.What are the main advantages of proprietorships, partnerships, and limited liability companies?…

A: Step 1 Advantages of the sole proprietorship Ownership in the case of a sole proprietorship is in…

Question

In which legal business relationship two or more people agree to share ownership and management of a business. a. None of these b. Corporation c. Sole proprietorship d. S Corporation Clear my choice

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Correct Option

VIEW

Step 2 Explanation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which type of business organization is owned by only one owner? a. Corporation b. Partnership c. Sole proprietorship d. Items a, b, and c are all correc
Which type of business organization is owned by only one owner? a. Corporation b. Partnership c. Sole proprietorship d. Items a, b, and c are all correct.
Which type of business organization is owned by only one owner? Corporation Partnership Sole proprietorship Items a, b, and c are all correct.
Which type of financial structure primarily involves one person owning a business? Group of answer choices Partnership Corporations Sole Proprietorship Limited Partnership
Is a mutiple question: Question : Accounting for the day-to-day activities for a Partnership or Limited Liability Corporation (LLC) is generally: Group of answer choices 1. the same as the accounting for a sole proprietorship only 2. the same as the accounting for any other form of business 3. is not the same as the accounting for any other form of business 4. the same as the accounting for a corporation only
Determine if sole proprietorship, partnership, or corporation. Select all that is applicable between the three forms of business. • greater access to financial resources difficult to liquidate or terminate • separate management from ownership
A business created as a distinct legal entity composed of one or more individuals or entities is known as a: Select one: a. None of the given answers is correct. b. Sole proprietorship c. Owner-managed entity d. Partnership
Association of two or more persons to carry on, as co-owners, a business for profit is known as: a. Limited liability Partnership. b. Proprietorship firm. c. Parent company. d. Corporation.
The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). Trent Company is owned by Trent Malone, who is personally liable for the company’s debts.
The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). IBC Services does not have separate legal existence apart from the one person who owns it.
⦁ Explain common forms of business ownership—sole proprietorship, partnership, and corporation—and demonstrate how they differ in terms of their presentation in the statement of financial position.⦁ How do dividends affect owners’ equity? Are they treated as a business expense? Explain
Which type of business organization provides the least amount of protection forbankers and other creditors of a company?a. Partnershipb. Corporationc. Proprietorshipd. Both a and c