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- 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.Describe the difference between a sole proprietorship, a partnership, and a corporation?which of the following statements regarding entities is true ? (a) c corporation is an incorporated entity chartered under federal law (b)an s corporation is a creature of state tax law (c)in a limited liability company none of the members bear personal liability for the debts and obligations of the entity (d)in a limited partnership the partners bear personal liability for the debts and obligations of the partnership
- The concept of separate legal entity is applicable to which of the following types of businesses? Sole Proprietorship Partnership Corporation All of the aboveIn terms of ownership, legal position, obligations, lifespan, regulation, availability of capital, taxes and transfer a corporation differs from a partnership.Which of the following entities is subject to double taxation? A) S Corporation B) Sole Proprietorship CI C Corporation D) Limited Liability Partnership (LLP)
- Which type of business organization is owned by only one owner? Corporation Partnership Sole proprietorship Items a, b, and c are all correct.The economic entity assumption requires that the activities Select one: a. of a sole proprietorship cannot be distinguished from the personal economic events of its owners. b.of an entity be kept separate from the activities of its owner. c. of different entities can be combined if all the entities are corporations. d.must be reported to the Securities and Exchange Commission.What are the benefits of the corporation in comparison with the partnership and proprietorship structures? How is equity treated and reported differently in this structure?
- How a corporation is different from a partnership in terms of owner, legal status, liabilities, life, regulation, access to capital, taxation and transferWhich of the following are limited liability entities? A. General partnership B. General liability company C.sole proprietorship D. S corporationDifferentiate the SCE (Statement of Changes in Equity) of a sole proprietorship, a partnership and a corporation.