Acct 229 tamu exam - Study guides, Class notes & Summaries

3 types of businesses - sole proprietorship, partnership, corporation unlimited liability - sole proprietorship & partnership limited liability - corporation Sole Proprietorship - one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership - two or more owners separate entity for accounting purposes not a separate entity for legal or tax purposes Corporations - business incorporated under the laws of a p...

3 types of businesses CORRECT ANSWER sole proprietorship, partnership, corporation unlimited liability CORRECT ANSWER sole proprietorship & partnership limited liability CORRECT ANSWER corporation Sole Proprietorship CORRECT ANSWER one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership CORRECT ANSWER two or more owners separate entity for accounting purposes not a separate entity for legal o...

Sole Proprietorship CORRECT ANSWER -one owner -advantage: easy to form -the owner uses it as a separate entity for accounting purposes, but not for legal purposes -unlimited liability Unlimited Liability CORRECT ANSWER The owner is personally and fully responsible for all losses and debts of the business Limited Liability CORRECT ANSWER Can't come after owners for debt Partnership CORRECT ANSWER -two or more owners, which splits up profits and losses -separate entity for accounting ...

TAMU ACCT 229 - Exam 1 Questions and Answers 3 types of businesses -Answer-sole proprietorship, partnership, corporation unlimited liability -Answer-sole proprietorship & partnership limited liability -Answer-corporation Sole Proprietorship -Answer-one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership -Answer-two or more owners separate entity for accounting purposes not a separate entity for legal...

3 types of businesses - sole proprietorship, partnership, corporation unlimited liability - sole proprietorship & partnership limited liability - corporation Sole Proprietorship - one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership - two or more owners separate entity for accounting purposes not a separate entity for legal or tax purposes Corporations - business incorporated under the laws of a p...

TAMU ACCT 229 Exam 1Questions And Answers 100% Solved 3 types of businesses - sole proprietorship, partnership, corporation unlimited liability - sole proprietorship & partnership limited liability - corporation Sole Proprietorship - one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership - two or more owners separate entity for accounting purposes not a separate entity for legal or tax purposes ...

TAMU ACCT 229 Exam 1Questions And Answers 100% Solved