Category Archive for: Forms of Business Organization

CORPORATIONS

Nearly all large businesses-and many small ones-are organized as corporations. There are many more sole proprietorships than corporations; but in dollar volume of business activity, corporations hold an impressive lead. Because of the dominant role of the corporation in our economy, it is important for everyone interested in business, economics. or politics to have an understanding of corporations and…

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Accounting Practices of Partnerships

In’ most respects, partnership accounting is similar to that -in a sole proprietorship except there are more owners. As a result,’ a separate capital account and a separate drawing account are maintained for each partner. Partnerships, like sole proprietorships, recognize no salaries expense for services provided to the organization by the partners. Amounts paid to partners are recorded by…

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Forms of Business Organization

1. Describe the basic characterisucs of a sale proprietorship . .2. Identify factors 10 consider _in evaiuating the profitability and solvency of a sale proprletorshtp. 3, Describe the basic characteristics of a general partnership and of partnerships that limit personal liability. 4. Describe the basic characteristics of a corporation. 5. Account for corporate income taxes; explain the’ effects or these taxes on before-tax profits…

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