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Financial & Managerial Accounting
Found in: Page 29
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

Describe the three basic forms of business organization and their key attributes.

The three basic forms of business organizations are sole proprietorship, partnership, and corporation.

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Step by Step Solution

Key attributes of the sole proprietorship

Sole proprietorship is a type of business organization that has only owners, it is not separate from its owners and has unlimited liability.

Key attributes of the partnership

A partnership is a type of business that is carried out by two or more people together. It is not a separate legal entity and it also has unlimited liability.

Key attributes of the corporation

The corporation is a type of business organization that is a separate legal entity from its owners and it has limited liability. It can go on forever.

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