When a group of individuals form a business together, if they are going to participate in management, they are more likely to set up O a Limited Liability Companies (LLC). O a limited partnership. O a corporation. O a sub-chapter S corporation.

When a group of individuals form a business together, if they are going to participate in management, they are more likely to set up O a Limited Liability Companies (LLC). O a limited partnership. O a corporation. O a sub-chapter S corporation.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1TP: While sole proprietorships and corporations are the most popular forms of business organization, the...

See similar textbooks

Related questions

Q: Association of two or more persons to carry on, as co-owners, a business for profit is known as: a.…

A: Business organization refers to any organization which is formed to carry out the commercial…

Q: the difference between a Corporation, Partnership, and P

A: There are three different forms of organization and each have own advantages and suitable for…

Q: Which type of business organization is owned by only one owner? a. Corporation b. Partnership c.…

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

Q: gency problems would be least likely to arise a) in sole proprietorships. b) in partnerships with…

A: An agency problem is a conflict of interest where one party is expected to act in another's behalf.…

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: 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 one of the followings has unlimited liability? A general partner in a limited partnership O A…

A: A general partner is an owner of a partnership. Often, a general partner either plays an active role…

Q: What is a corporation? Why might founders have chosen to form a corporation rather than a…

A: A corporation is a legal form of business in which shareholders are the owners and corporation has…

Q: Which forms of business organization, ownership is readily transferable? a. Corporation b. Sole…

A: The forms of business organizations consists of corporation, sole proprietorship, limited liability…

Q: Which of the following is true about an organizational structure? It is either a sole…

A: Business organization means combination and coordination of different people for the purpose of…

Q: ming an LLC similar to forming a corporation? ) a) As with corporations, there are no documents to…

A: LLC refers to the form of a business structure type which helps the owner to safeguard their…

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: 1. What are the potential consequence of a limited partner assumes management responsibilities…

A: An unincorporated commercial entity created by two or more people is known as a partnership. A…

Q: Compare the potential for agency problems in sole proprietorships, partnerships, and corporations.…

A: An agency issue is a contradiction of interest that exists in every connection in which one person…

Q: Which business organization has the most legal formality requirements? a. Corporation b. Partnership…

A: A corporation is funded by many owners (shareholders) and to keep their money safe, corporations…

Q: What is the main difference between organizing a real estate venture as a corporation versus a…

A: Will be explained:

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: 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 type of business organization is owned by only one owner? a. Corporation b. Partnership c.…

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

Q: 4. Forms of business organizations Businesses can be classified into the following forms: sole…

A: Solution Concept Partnership business is a form of business which is carried out by two or more…

Q: partnership

A: Form of Business :- Sole proprietorship :- Partnership :- Limited liability partnership :- Companies…

Q: What are the disadvantages of a partnership over a limited liability company form of organization…

A: PARTNERSHIP:A partnership is that form of business where more than two persons enjoy their share in…

Q: Which type of business structure requires that all shareholders be licensed? Question 1 options: a)…

A: A corporation is a separate legal entity created under the eyes of the law, i.e., a formal…

Q: In what ways does a shareholders of a corporation differ from a partner in a partnership

A: Corporation is the legal entity which is governed as per the respective country's law or regulating…

Q: Which one of the followings has unlimited liability? A general partner in a limited partnership A…

A: Unlimited liability refers to a situation where an owner of a business is responsible for the debt…

Q: Which among the following form of business organization can issue shares to the general public? a.…

A: There are different forms of business organisation that are: Sole Proprietorship Partnership…

Q: Can an individual enter into a joint venture with a corporation? how do you account for that?

A: Joint venture can be defined as the business entity that is created by two or more parties that is…

Q: What are the major features of a partnership agreement for a partnership or an operating agreement…

A: Partnership It is that form of organization which is owned and managed by two or more persons who…

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: Which of the following is NOT a form of ownership that the entrepreneur should consider? a. Sole…

A: Partnership can be defined as an agreement in which two or more parties agrees to share profits and…

Q: What are the main advantages of (a) proprietorships, (b) partnerships, and (c) limited liability…

A: Proprietorship is a form of business where a single person runs & owns the business. He has…

Q: Compare and contrast the forms of business organization. Sole/Single Proprietorship Partnership…

A: Sole/Single Proprietorship: A sole proprietorship is a sort of business structure that allows one…

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: he advantages and disadvantages Sole proprietorship Partnership Corporation

A: There are many forms of organization each have own advantage and each have own disadvantages.

Q: Of the following forms of business organization, which have stockholders with limited liability? a)…

A: SOLUTION- A CORPORATION IS AN INCORPORATED ENTITY DESIGNED TO LIMIT THE LIABILITY OF ITS OWNERS…

Q: ot one of the three forms of business organization? Corporations. Partnerships.

A: The right answer is option 5. Investors

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: 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

Question-based on forming a business.

I have tried it but incorrect answer. Numbers 2 and 3 are incorrect.

When a group of individuals form a business together, if they are going to participate in management, they are more likely to set up
a Limited Liability Companies (LLC).
a limited partnership.
a corporation.
a sub-chapter S corporation.
eTextbook and Media

Expert Solution

Step 1

For starting a business, it can be in forms like:

Sole Proprietorship

Partnership

Corporation

Partnership is a business form in which two or more than two persons join their hands for the purpose of business and earning profits. Liability of the partners can be limited or unlimited.

Trending now

This is a popular solution!

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

Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a limited liability company and a limited liability partnership? Check all that apply. LLPs are not suitable for professional firms such as accounting, law, and architecture Limited financial liability Taxed as a partnership Have corporate ownership structure Owned by single individual Owners have limited liability and right to vote
Answer the following question in your own words: Explain the following corporate structures. Limited Liability Company (LLC) Joint Stock Company General Joint Stock Company (SAOG) Joint Venture Holding Company Commercial Agent
Of the following forms of business organization, which have stockholders with limited liability? a) limited partnerships b) partnerships c) corporations d) proprietorships
Which type of financial structure primarily involves one person owning a business? Group of answer choices Partnership Corporations Sole Proprietorship Limited Partnership
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).
Two of the business organizational forms your book talks about are limited liability company (LLC) and partnership. What is a limited liability company (LLC)? And how does it differ from partnership? Identify three ways in which they differ, Be brief and to the point.
Compare owner’s equity in a sole proprietorship, partners’ equity in a partnership,and stockholders’ equity in a corporation.
1.What are the main advantages of proprietorships, partnerships, and limited liability companies? 2.What are the disadvantages of a partnership over a limited liability company form of organization for a profit-making business?
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. : View the image for the table to help answer.