Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881



Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem

Name and describe three different forms of business organization.

To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

To describe:

Three different form of business organization.


Three different form of business organization are explained as follows:

  • Partnership: Limited partnership is the form of partnership having more than one owner. It is a type of partnership under which a partner has unlimited liability and other partners have limited liabilities. It limits the liability of a limited partner to the extent of his capital contribution or a specified amount. The partner with limited liability shall not be liable for any contribution over and above the limit...

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