--%>
Assignment Help - homework help

Describe proprietorship-partnership and corporation

Briefly describe the terms proprietorship, partnership, and corporation.
A proprietorship is a business owned by one person.

  • Two or more people who join together to develop a business make up a partnership. It can be done on an informal basis with no a written partnership agreement or a contract can spell out the rights and responsibilities of each one.
  • A restricted liability company is a hybrid among a partnership and a corporation. Profits & losses pass through to the members. Generally, Members enjoy restricted liability.
  • Corporations are legal entities split from their owners. To build a corporation, the owners indicate the governing rules for the running of the business in a contract termed as the articles of incorporation. They submit the articles to the government of the state wherein the corporation is created, and the state issues a charter which creates the separate legal entity.

   Related Questions in Finance Basics

  • Q : What is Carryover Carryover : The

    Carryover: The unencumbered equilibrium of an appropriation which continues to be obtainable for expenditure in years following to the year of enactment. For illustration, when a three-year appropriation is not completely encumbered in the first year,

    		•
  • Q : Explain 3-year Expenditures and

    3-year Expenditures and Positions: The display at the beginning of each departmental budget which presents the different departmental programs by title, dollar totals, places, and source of funds for the past, current, and budget years.

    		•
  • Q : Why warrants are hardly exercised

    Describe why warrants are hardly ever exercised unless the time to maturity is small? Warrants are hardly ever exercised until the time to expiration is small since the market price of the warrant is higher than the exercise value. The holder o

    		•
  • Q : Describe who owns a credit union

    Describe who owns a credit union? Credit unions are owned through their members. While credit union members put money in their credit union, they are not "depositing" the money technically.  In spite of, they are purchasing shares of the cr

    		•
  • Q : What is Special Fund for Economic

    Special Fund for Economic Uncertainties: It is a fund in the General Fund (that is, a similar reserve is involved in each special fund) authorized by the statute and Budget Act Control Section 12.30 to offer for emergency situations.

    		•
  • Q : Problem on banks Customers arrive at a

    Customers arrive at a bank with 2 tellers. The manager took the following data for 11 customers during a busy time. The manager has asked you to:(a) Create an event log. (b) Calculat

    		•
  • Q : Define Planning Estimate Line Planning

    Planning Estimate Line: The separate planning estimate adjustment or entry for a specific expenditure or type.

    		•
  • Q : Midterm Exam for FIN 6000 Please

    Please complete the midterm exam independently.  Don't discuss it with other students in the class.  Please email me if you have any clarifying questions.  <

    		•
  • Q : Define Cash Basis of Accounting Cash

    Cash Basis of Accounting: The base of accounting in which expenditures and revenues are recorded whenever cash is received or distributed.

    		•
  • Q : Effect of bank charges discount

    What happens while a bank charges discount interest on a loan? While a bank charges discount interest on a loan the required interest payment is subtracted through the loan proceeds at the time the loan is made. It makes the effective interest

    		•