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College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160

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BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
Chapter 1, Problem 7RQ
Textbook Problem
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Identify the three types of ownership structures and discuss the advantages and disadvantages of each.

To determine

Identify the three types of ownership structures and discuss the advantages and disadvantages of each

Explanation of Solution

Sole proprietorship:

The form of business entity which is owned and managed by an individual is referred to as sole proprietorship.

Partnership:

This is the form of business entity which is formed by an agreement, owned and managed mutually by two or more individuals, who invest their assets in the business and share the liabilities and profits among themselves.

Corporation:

The form of business entity ,which is incorporated by state law into a separate legal entity, owned by stockholders, and managed by board of directors elected by stockholders, is referred to as corporation.

The three type of ownership structures are sole proprietorship, partnership, corporation...

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