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ShameikaBrownFI515Week1Homework - ShameikaBrown FI515 Week1...

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ShameikaBrown FI515 Week1 Homework. Homework Problems Chapter 1: Questions 1-1 (A-K) and 1-2 Chapter 2: Questions 2-1 and 2-3 Chapter 2: Problems 2-9 and 2-14 Chapter 1: Questions 1-1 (A-K) a. Proprietorship- A sole proprietorship is a business entity owned and managed by one person. The sole proprietorship can be organized very informally. Partnership- A partnership is a for-profit business association of two or more persons Corporation-legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses. Limited Partnership- A partnership in which some of the partners have a limited liability to the firm's creditors. Limited Liability Partnership- The limited liability partnership ("LLP") is a form of general partnership, in which partners are statutorily relieved of all or part of their personal liability for partnership liabilities, debts and obligations. b Professional Corporation- Professional corporations (abbreviated as PC or P.C.) are those corporate entities for which many corporation statutes make special provision, regulating the use of the corporate form by licensed professionals such as attorneys, architects, engineers, public accountants and doctors. Legal regulations applying to professional corporations typically differ in important ways from those applying to other corporations.
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