Lecture 02-FA1.pdf - Fundamental Accounting Principles – Financial Accounting I Lecture (2) Fundamental Accounting Principles – Financial Accounting

Fundamental Accounting Principles–Financial Accounting ILecture (2)

Fundamental Accounting Principles–Financial Accounting ILearning ObjectiveLO.4:Discuss the Different Forms ofBusiness Entities

OwnershipA single ownerTwo or moreownersUsually owned bymany shareholdersLegal entityNot a separate legalentityNot a separatelegal entity.A separate legal entityTaxationNo additionalbusiness incometax.No additionalbusiness incometax.Additional corporateincome tax.LiabilityUnlimited liabilityUnlimited liabilityLimited liabilityBusinesslifeBusiness ends withowner deathBusiness ends witha partner deathIndefinite.Fundamental Accounting Principles–Financial Accounting IForms of Business Entities3

Fundamental Accounting Principles–Financial Accounting IDO IT!4Forms of Business Entities

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Term

Winter

Professor

ShadyAtta

Lecture 02-FA1.pdf - Fundamental Accounting Principles –...

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