EBK CFIN
6th Edition
ISBN: 9781337671743
Author: BESLEY
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 1, Problem 14PROB
Summary Introduction
To determine: why hybrid forms of businesses have evolved over time
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What are the advantages of operating a business as a partnership rather than as a corporation? What are the disadvantages?
1.What are the main advantages of proprietorships, partnerships, and limited liability companies?
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- While sole proprietorships and corporations are the most popular forms of business organization, the limited liability company (LLC) is a close third. Limited liability companies are treated like partnerships in the majority of situations. Why do you think LLCs are gaining in popularity?arrow_forwardBusinesses 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 votearrow_forwardWhich of the following is a reason to use a partnership as the legal form of a business? A. Partnerships avoid the difficulty of raising capital. B. Partnerships avoid the issue of mutual agency. C. Partnerships avoid the issue of double-taxation faced by corporations. D. Partnerships avoid the issue of unlimited liability.arrow_forward
- How does running a company as a partnership as opposed to a corporation benefit the parties involved? What are the drawbacks of this approach?arrow_forwardTwo 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.arrow_forwardWhat are the main advantages of a company compared to a sole trader and a partnership?arrow_forward
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