Test Chapter 1 and 2.docx

Test Chapter 1 and 2.docx - Sarbanes-Oxley Act A law passed...

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Sarbanes-Oxley Act A law passed by Congress that requires the CEO and CFO to certify that their firm's financial statements are accurate. Fins.com/Finance provides finance career news and advice including information on who's hiring in finance and accounting fields. Proprietorship An unincorporated business owned by one individual. Advantages: - Easy and cheap to form - Fewer government regulations - Single taxation (not taxed separately as a business/individual) Disadvantages: - Difficult to raise capital - Limited life - Unlimited liability Partnership An unincorporated business owned by two or more persons. Corporation A legal entity created by a state, separate and distinct from its owners and managers, having unlimited life, easy transferability of ownership, and limited liability. Advantages: - Limited liability (you only lose what you invest) - Unlimited life - Easier to raise capital Disadvantages: - Double taxation - More difficult/costly to form - More government regulation S Corporations
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  • Fall '08
  • Staff
  • Corporation, Limited Liability Company, Limited liability partnership, Unincorporated business, finance career news

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