The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business. To indicate: why partnership form of business is preferred over the corporate or sole proprietorship forms.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

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!

Students have asked these similar questions

What are the advantages of operating a business as a partnership rather than as a corporation? What are the disadvantages?

Which of the following legal forms of organization is most expensive to organize? O corporations O limited partnership O sole proprietorships O partnerships

What are the benefits of the corporation in comparison with the partnership and proprietorship structures? How is equity treated and reported differently in this structure?

Answer 2

Question

Chapter 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

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 3

Question

Chapter 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

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 4

Question

Chapter 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

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 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

Answer 6

Chapter 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

Answer 7

Chapter 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Answer 8

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 15 - Prob. 15.1Q Ch. 15 - Prob. 15.2Q Ch. 15 - Prob. 15.3Q Ch. 15 - Prob. 15.4Q Ch. 15 - Under what circumstances would a partner’s capital...Ch. 15 - Prob. 15.6Q Ch. 15 - Prob. 15.7Q Ch. 15 - Prob. 15.8Q Ch. 15 - Prob. 15.9Q Ch. 15 - Prob. 15.10Q

Explanation of Solution

Want to see more full solutions like this?

Chapter 15 Solutions