Business entity : A business organization which is created by one or more persons and governed by state law. The following are the four types of business entities: Sole proprietorship : The form of business entity which is owned and managed by an individual is referred to as sole proprietorship. Partnership : 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 is referred to as partnership. 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. Limited-liability corporation (LLC) : The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership. To describe : The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

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Answer 1

Question

Chapter 1, Problem 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

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

Partnership: 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 is referred to as partnership.

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.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

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Answer 2

Question

Chapter 1, Problem 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

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

Partnership: 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 is referred to as partnership.

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.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

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Answer 3

Question

Chapter 1, Problem 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

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

Partnership: 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 is referred to as partnership.

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.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

Expert Solution & Answer

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Answer 4

Question

Chapter 1, Problem 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

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

Partnership: 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 is referred to as partnership.

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.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

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

Partnership: 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 is referred to as partnership.

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.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

Answer 6

Chapter 1, Problem 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

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

Partnership: 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 is referred to as partnership.

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.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

Answer 7

Chapter 1, Problem 7RQ

To determine

Business entity: A business organization which is created by one or more persons and governed by state law.

The following are the four types of business entities:

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

Partnership: 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 is referred to as partnership.

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.

Limited-liability corporation (LLC): The form of business entity which is unincorporated but functions as a corporate and the owners are called members or partners. So, LLC has both the features of corporation and partnership.

To describe: The similarities and differences between sole proprietorship, partnership, corporation, and limited-liability corporation (LLC)

Answer 8

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Answer 11

Ch. 1 - Prob. 1QC Ch. 1 - Prob. 2QC Ch. 1 - Prob. 3QC Ch. 1 - Prob. 4QC Ch. 1 - Prob. 5QC Ch. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...

Solution Summary: The author explains the similarities and differences between the different types of business entities: sole proprietorship, partnership, and limited-liability corporation.

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