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 legal rights
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  • Spring '10
  • aliciahubbard
  • Corporation, Types of business entity, proprietorship, Checkpoint Proprietorship, unincorporated business organization, easily transferable stock

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