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 choose: The correct type of the organization

Question

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Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 1SEQ

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 choose:

The correct type of the organization

Expert Solution & Answer

Answer to Problem 1SEQ

D. Corporation

Explanation of Solution

Explanation for correct answer:

A Corporation has a separate legal entity and its owners own shares in its capital. Hence the correct answer is D.

Explanation for incorrect answers:

A. A proprietorship does not have a separate legal entity. Hence this option is not correct.

B. A service business does not necessarily have a separate legal entity. Hence this option is not correct.

C. A partnership does not have a separate legal entity. Hence this option is not correct.

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Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 1SEQ

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 choose:

The correct type of the organization

Expert Solution & Answer

Answer to Problem 1SEQ

D. Corporation

Explanation of Solution

Explanation for correct answer:

A Corporation has a separate legal entity and its owners own shares in its capital. Hence the correct answer is D.

Explanation for incorrect answers:

A. A proprietorship does not have a separate legal entity. Hence this option is not correct.

B. A service business does not necessarily have a separate legal entity. Hence this option is not correct.

C. A partnership does not have a separate legal entity. Hence this option is not correct.

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 1SEQ

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 choose:

The correct type of the organization

Expert Solution & Answer

Answer to Problem 1SEQ

D. Corporation

Explanation of Solution

Explanation for correct answer:

A Corporation has a separate legal entity and its owners own shares in its capital. Hence the correct answer is D.

Explanation for incorrect answers:

A. A proprietorship does not have a separate legal entity. Hence this option is not correct.

B. A service business does not necessarily have a separate legal entity. Hence this option is not correct.

C. A partnership does not have a separate legal entity. Hence this option is not correct.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 1SEQ

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 choose:

The correct type of the organization

Expert Solution & Answer

Answer to Problem 1SEQ

D. Corporation

Explanation of Solution

Explanation for correct answer:

A Corporation has a separate legal entity and its owners own shares in its capital. Hence the correct answer is D.

Explanation for incorrect answers:

A. A proprietorship does not have a separate legal entity. Hence this option is not correct.

B. A service business does not necessarily have a separate legal entity. Hence this option is not correct.

C. A partnership does not have a separate legal entity. Hence this option is not correct.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1SEQ

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 choose:

The correct type of the organization

Expert Solution & Answer

Answer to Problem 1SEQ

D. Corporation

Explanation of Solution

Explanation for correct answer:

A Corporation has a separate legal entity and its owners own shares in its capital. Hence the correct answer is D.

Explanation for incorrect answers:

A. A proprietorship does not have a separate legal entity. Hence this option is not correct.

B. A service business does not necessarily have a separate legal entity. Hence this option is not correct.

C. A partnership does not have a separate legal entity. Hence this option is not correct.

Answer 6

Chapter 1, Problem 1SEQ

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 choose:

The correct type of the organization

Expert Solution & Answer

Answer to Problem 1SEQ

D. Corporation

Explanation of Solution

Explanation for correct answer:

A Corporation has a separate legal entity and its owners own shares in its capital. Hence the correct answer is D.

Explanation for incorrect answers:

A. A proprietorship does not have a separate legal entity. Hence this option is not correct.

B. A service business does not necessarily have a separate legal entity. Hence this option is not correct.

C. A partnership does not have a separate legal entity. Hence this option is not correct.

Answer 7

Chapter 1, Problem 1SEQ

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 choose:

The correct type of the organization

Answer 8

Expert Solution & Answer

Answer to Problem 1SEQ

D. Corporation

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Explanation for correct answer:

A Corporation has a separate legal entity and its owners own shares in its capital. Hence the correct answer is D.

Explanation for incorrect answers:

A. A proprietorship does not have a separate legal entity. Hence this option is not correct.

B. A service business does not necessarily have a separate legal entity. Hence this option is not correct.

C. A partnership does not have a separate legal entity. Hence this option is not correct.

Answer 12

Ch. 1 - Prob. 1SEQ Ch. 1 - The resources owned by a business are called: A....Ch. 1 - A listing of a business entity’s assets,...Ch. 1 - If total assets are $20,000 and total liabilities...Ch. 1 - Prob. 5SEQ Ch. 1 - Prob. 1CDQ Ch. 1 - Prob. 2CDQ Ch. 1 - Prob. 3CDQ Ch. 1 - Prob. 4CDQ Ch. 1 - Prob. 5CDQ

Answer to Problem 1SEQ

Explanation of Solution

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Chapter 1 Solutions