Question

(Learning Objective 1: Explain advantages and disadvantages of a corporation)
What are two main advantages that a corporation has over a proprietorship and a partnership?
What are two main disadvantages of a corporation? Describe the authority structure of a corporation. Who holds ultimate power?

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Other

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: The operating cycle of a merchandiser with credit sales includes the following five activities. Star...

A: The main activities of a merchandising business is purchase, payment to the supplier, sales and rece...

Q: Describe the audit opinion that should be given and explain why. a)The auditor was not allowed acces...

A: The auditor’s audit opinion is based on applying appropriate professional skepticism in giving a qua...

Q: Auditor as Guarantor. Your neighbor, Loot Starkin, invited you to lunch yesterday. Sureenough, it wa...

A: Auditor: The person who is considered responsible for assessing the credibility of the financial sta...

Q: List the chart of account numbers and major categories used in DPSystems’accounting system.

A: The chart of the account numbers and major categories used in DP accounting system are given below a...

Q: Lancaster Corporation, an investment banking company, often has extra cash to invest. Suppose Lancas...

A: Lancaster Corporation is an investment banking company who has bought 500 shares in Knight Corporati...

Q: What is an audit plan? During which stage of the audit is an audit plan prepared?

A:  

Q: Continued from previous question

A: The missing amounts were as follows:

Q: PROBLEM 6-21 Sales Mix; Multiproduct Break-Even Analysis LO6-9 Gold Star Rice, Ltd., of Thailand exp...

A: Formulas used in the solution:-

Q: Required 1. Prepare and complete a 10-column work sheet for fiscal year 2019, starting with the unad...

A: 1. Prepare and complete a 10-column work sheet for fiscal year 2019, starting with the unadjusted tr...