Acct 2000 lowe ardoin Study guides, Class notes & Summaries

Sole Proprietorship Correct Answer-- Generally owned by one person - Simple to establish - Owner controlled - Tax advantages - Personal Liability Partnership Correct Answer-- Owned by 2 or more people - Simple to establish - Shared control - Broader skills & resources - Tax advantages - Personal Liability Corporation Correct Answer-- Easy to transfer ownership - Easy to raise capital (selling shares of stock) - No personal liability (BIGGEST ADVANTAGE) - Pay taxes twi...

ACCT 2000 LoweArdoin Exam 1 QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 ALREADY GRADED A+ increase D. $15,000 decrease - ANSWER-B Which is not one of the three forms of business organization? A. sole proprietorship B. creditorship C. partnership D. Corp - ANSWER-B What is an advantage of corps relative to partnerships and sole proprietorships? A. increased difficulty of raising funds B. harder to transfer ownership C. reduced legal liability for invest...