entities - The major characteristics of business entities...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
The major characteristics of business entities include whom the business is owned by, including the number of owners, the amount of liability each member carries for the actions of the entity, and who management decisions are made by, including how management is comprised. Main characteristics further include taxation of the entity, including reportable gains and losses. Another main characteristic is how salaries are paid to owners or shareholders. The top differences also include owner liability, management, the taxation of income and deductibility of losses, the salaries paid to the owners, and the number of shareholders, partners, or owners permitted. There is unlimited liability in a general partnership, and liability is limited to the amount of capital contribution in a limited partnership. In both a C Corp and an S Corp, liability is limited to the assets of the corporation, unless loans or notes have been guaranteed by the corporation's shareholders. If a multi-member LLC is formed, liability is generally limited to the
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/28/2011 for the course ACC 3163 taught by Professor Profsmith during the Spring '09 term at Ohio State.

Page1 / 3

entities - The major characteristics of business entities...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online