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Chapter 12 Study Guide

Chapter 12 Study Guide - Troy University ACCT 2292 STUDY...

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Troy University ACCT 2292 STUDY GUIDE - Accounting for Partnerships and LLC Chapter 12 Definitions: Limited Liability Corporation – a form of legal entity that provides limited liability to its owners, but is treated as a partnership for tax purposes liquidation Partnership – an association of two or more individuals who own and manage a company for profit. What are the characteristics of a general partnership? Moderate to form No limitation on legal liability Not taxable Limited life Limited ability to raise capital (funds) What are the advantages of a partnership when compared to a corporation? More financial resources Additional management skills What are the disadvantages of a partnership? Limited life Unlimited liability Co-ownership of partnership property Mutual agency What are the characteristics of a Limited Liability Company? Moderate to form Limited legal liability Not taxable Unlimited life
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  • Fall '09
  • AmyHulsey
  • Corporation, Limited Liability Company, Limited liability partnership, Limited Liability Corporation, partnership capital accounts

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