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Chap 1 An Overview of Financial Management and the Financial Environment 2. Forms of business organizations
Businesses can be classified into the following foams: a proprietorship, a partnership, a corporation, a limited liability company (LLC), and a limited liability pa rtnershil LP).
Different forms of businesses have different characteristics. Which of the following characteristics would apply to a corporation? Check all that apply.
❑ Chartered by a state and is its own entity separate from its owners ❑ Has unlimited life ❑ Exempt from double taxation ❑ Easier to transfer ownership in the form of stock I=1 Owned by single individual ❑ Owners have limited liability
You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership.
Business Scenario Tyler, the CEO of a beverage company, is required to file the company’s quarterly and annual employment, financial, and tax reports with the state and federal authorities_
Michael founded and operated a wedding planning agency, which specialized in celebrity weddings. When he died, his business was dissolved because there was no plan for control after his death. Jackson started a business, based in a different state, with his uncle. Due to the business’s underperformance, they had to close the business. Jackson, however, ended up losing his house due to a litigation claim. Tyler, Jackson, and Jose own an accounting firm in San Francisco. All share in the profits of the firm proportionately and file taxes at an individual level. According to their agreement, none of the owners will be held personally liable for the accounting firm’s debt.
Type of Business
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