The three basic business forms are sole proprietorship, partnership, and corporation. How is each of these formed?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 92% (13 reviews)
A sole proprietorship requires little in the way of formation one simply commences doing business Th...View the full answer
Answered By
Samay Sethi
I am a qualified Chartered Accountant and an CFA L2 candidate. I have been working with a Reinsurance Company and Finance & Accounting are two of my key work domains. I have diversified teaching experience and have helped numerous juniors while preparing for my Chartered Accountancy exams.
0.00
0 Reviews
10+ Question Solved
Related Book For
Canadian Business & the Law
ISBN: 978-0176501624
4th edition
Authors: Dorothy DuPlessis, Shannnon o'Byrne, Steven Enman, Sally Gunz
Question Posted:
Students also viewed these Business Law questions
-
An individual doing business as a sole proprietor, even when business is done under a different name, remains personally liable for all of the obligations of the sole proprietorship. Alexander, Judge...
-
Define sole proprietorship, partnership, and corporation.
-
Multiple Choice Questions 1. Which of the following statements is false concerning forms of business organization? a. A sole proprietorship is an easy type of business to form. b. It is easier for a...
-
Consider the following scenario. Each day, a butcher buys a 200-kilogram pig for $360. The pig can be processed to yield the following three products: Day 1 The butcher buys a pig. The $360 joint...
-
Chapman Oil, Inc. has an account titled Oil and Gas Properties. Chapman paid $6,300,000 for oil reserves holding an estimated 400,000 barrels of oil. Assume the company paid $560,000 for additional...
-
A binary system power plant uses mercury for the high-temperature cycle and water for the low-temperature cycle, as shown in Fig. 11.39. The temperatures and pressures are shown in the corresponding...
-
Table 3.4 on page 208 shows the number of points scored and penalty minutes for 24 ice hockey players on the Ottawa Senators NHL team for the 2014-2015 season. The data are also stored in...
-
The improper payments made by APC occurred during the time frame that Andrea Jung served as Avon's CEO. Was she "responsible" for those payments even if she was unaware of them? Why or why not?
-
1 5 points Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct...
-
We have learned four theories on spread determination in a dealer market. Consider a strategic dealing theory where: 1. there are many informed and uninformed traders (dealers are uninformed). 2....
-
In Shelanu v. Three Print, the Ontario Court of Appeal held that franchisors owe a duty of good faith to franchisees. What factors led the court to this conclusion? In what other contractual...
-
Michael Wright, Kyle Wright, and William Wright are farmers. Michael and Kyle are Brothers and William is their father. All three farmers have cattle ranches and William has a grain operation. Each...
-
Are direct material price variances generally recognized when the materials are purchased or when they are used? Why?
-
When reading the business press, it seems that leaders are regularly challenged by ethical dilemmas. Is this a function of the individual leader or the situation, or both?
-
Define fixed costs and variable costs and then provide several examples of each type of cost in operating a sports franchise. Do you believe costs should be considered controllable or uncontrollable...
-
Find two examples of sports products you consider to compete solely on the basis of price. Provide support for your answer.
-
Interview five consumers and ask them to describe a sports product they consider to be of extremely high value and one they consider to be of extremely poor value. Why do they feel this way?
-
Interview five people to determine whether demand could be characterized as elastic or inelastic for the following sports products: season tickets to your favorite basketball teams games, golf...
-
Taylors formula expresses the value of at x in terms of the values of and its derivatives at x = a. In numerical computations, we therefore need a to be a point where we know the values of and its...
-
4. Jobe dy -Y 2 et by
-
Protein Blenders, Inc., made a contract with Gingerich to buy from him the shares of stock of a small corporation. When the buyer refused to take and pay for the stock, Gingerich sued for specific...
-
The buyer of real estate made a down payment. The contract stated that the buyer would be liable for damages in an amount equal to the down payment if the buyer broke the contract. The buyer refused...
-
Kuznicki made a contract for the installation of a fire detection system by Security Safety Corp. for $498. The contract was made one night and canceled at 9:00 the next morning. Security then...
-
Within the realm of corporate social responsibility (CSR), how are stakeholder expectations integrated into sustainability reporting and disclosure practices ?
-
Sherrod, Incorporated, reported pretax accounting income of $80 million for 2024. The following information relates to differences between pretax accounting income and taxable income: a. Income from...
-
Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales Variable expenses...
Study smarter with the SolutionInn App