Acc 220 week 2 day 4 Proprietorship, partnership & corporations

Acc 220 week 2 day 4 Proprietorship, partnership & corporations

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Checkpoint Proprietorship, Partnership, and Corporation The differences between a proprietorship, a partnership, and a corporation is a, proprietorship is a business structure in which an individual and his/her company are considered a single entity for tax and liability purposes. A proprietorship is a company which is not registered with the state as a limited liability company or corporation . The owner does not pay income taxes separately for the company. A partnership is a type of unincorporated business organization in which multiple individuals , called general partners , manage the business and are equally liable for its debts ; other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments . The partnership does not pay taxes but everybody involved has to report their profits. The corporation is the most common form of business organization , and one which is chartered by a state and given many
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This note was uploaded on 12/04/2010 for the course ACC 220 220 taught by Professor Aliciahubbard during the Spring '10 term at University of Phoenix.

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Acc 220 week 2 day 4 Proprietorship, partnership & corporations

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