John and Saah met at law school and decide to start a small law practice after graduation. They agree to split revenues and expenses evenly. The most common form of business organization for a business such as this would be a O a. Proprietorship O b. Partnership. O c. Joint venture. O d. Corporation.
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- Directions: Using the the forms of business organizations listed, complete the staterments beloe. Write the letter of the tem you have chosen in the space provided. S. Sole Proprietorship P. Partnership с. Сoгрогation 0. Owned by a single individual 1. Often formed when the need for capital is greater than one person can invest 2. Must have a charter to operate as an organization 3. Usually enters into a written legal agreement before operating the business 4. Owners share in the risks and the profits 5. Advantages related to its freedom of operations and simplicity 6. A form of business organization used by large accounting firms 7. Recognized by law to have a life of its own 8. Shares of stock represent an individual's investment and percentage of ownership 9. May have to follow more regulations and pay higher taxes 10. Success or failure of the business depends heavily on the efforts of the owner PART C Entrepreneurship. Directions: Read cach of the following statements to determine…Question: Define and discuss each of the following by providing at least 2 practical examples: Limited Partnership; Limited Liability partnership; Professional corporation? A friend asked you to reveal important financial information of the company, being a finance manager of the company what would you do? Justify by considering ethics in finance. Describe mechanisms that motivate managers to act in stockholders’ best interests, and to overcome agency problem?Q3) Which of the following legal forms of business is owned and usually operated by a person who is responsible for its debts? Select one: a. Corporation b. Cartel c. Sole proprietorship d. General partnership e. Limited partnership This multiple choice question from BUSINESS MATHEMATICS course.just write for me the final answer.
- B. Analysis of Information. Presented below are possible advantages and disadvantages. You are to determine in the first column whether the item pertains to an advantage or disadvantage. On the second column, you are to determine the related business organization. Item 1 has been done for you.Information Advantage or DisadvantageBusiness Organization1. In the event of bankruptcy, business creditors can run after the personal assets of the owners.Disadvantage Sole Proprietorship Partnership2. Involvement of more persons in the business, hence more sources of expertise as compared to the most simple business organization.3. Transferability of ownership4. Limited life5. Business organization as a juridical or separate person6. Corporate existence of 50 years, renewable7. Most limited source of funding8. Most regulated business organization9. Double taxation10. Limited liability11. Unlimited liabilityYou are a CPA working with sole proprietors. Several of your clients are considering incorporating because they need to expand and grow. One client is curious about how her financial reports will change. Shes heard that she may need to prepare a statement of retained earnings and a statement of stockholders equity. Shes confused about the difference between the two and what they report. How would you explain the characteristics and functions of the two types of statements?LO.1 Sylvia and Trang want to enter into business together and are unsure what type of entity to form (if any). They are concerned about the complexity of the paperwork required, the protection of personal assets from business creditors, and flexibility of sharing income and losses. Explain to Sylvia and Trang how a corporation, a partnership, or no entity at all may differ with respect to their areas of concern.
- Bank Muscat LLC is an example of which of the following forms of business organization? O a. Corporation O b. Sole Proprietor O c. Partnership d. All the options are wrongQuestion 1: Define and discuss each of the following by providing at least 2 practical examples: a) Limited Partnership; Limited Liability partnership; Professional corporation? b) A friend asked you to reveal important financial information of the company,being a finance manager of the company what would you do? Justify by considering ethics in finance. c) Describemechanisms that motivate managers to act in stockholders’ best interests, and to overcome agency problem?Assume that you are studying for an upcoming accounting exam with a good friend. Your friend says that she has a solid understanding of general partnerships but is less sure that she understands organizations that combine certain characteristics of partnerships with other forms of business organization. You offer to make some study notes for your friend to help her learn about limited partnerships, limited liability partnerships, S corporations, and limited liability companies. Prepare a one-page set of well-organized, complete study notes on these four forms of business organization.
- PART 1.) Please list 2 Sole Proprietorship companies that you know of. What do they sell and where? PART 2.) Please list 2 Partnership companies that you know of. What do they sell and where? PART 3.) Please list 2 Corporation companies that you know of. What do they sell and where? PART 4.) For the Individual Class project of making a business, What business have you decided you would like to create? What are your services? Are you an SP, P or CORP? Please give the details that you have came up with as of yetIs a mutiple question: Question : Accounting for the day-to-day activities for a Partnership or Limited Liability Corporation (LLC) is generally: Group of answer choices 1. the same as the accounting for a sole proprietorship only 2. the same as the accounting for any other form of business 3. is not the same as the accounting for any other form of business 4. the same as the accounting for a corporation onlyMatch each corporate characteristic 1 through 8 with the description that best relates to it. Characteristic Descriptions 1. Transferability of ownership 2. Ability to raise large capital amounts 3. Duration of life 4. Legal status Entity with similar rights as individual 5. Ease of formation High because buying stock is attractive 6. Government regulation Indefinite 7. Mutual agency More severe than partnerships and proprietorships 8. Owner authority and control TT TT O