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EXIT : TYPES OF BUSINESS ORGANIZATIONS Indicate in the space by letter whether statement below applies to a sole proprietorship ( S ) , partnership ( P ) , or corporation ( C ) . More than on answer may be appropriate for some of the Items I a Simple to establish . b . Shared control C . Easy to transfer ownership 1 . No personal liability e . Tax advantage f . Easier to raise funds . 2 . EX I12 : CORPORATION FORM OF ORGANIZATION Identify ( by letter ) each of the following characteristics as being an advantage or a disadvantage of the corporate form of business or not applicable to the corporate form of business organization . A = Advantage D = Disadvantage N = Not Applicable Characteristics Separate legal entity 2 . Taxable entity resulting in additional taxes Continuous life 4 . Unlimited liability of owners Government regulation 6 . Separation of ownership and managemen 7 . Ability to acquire capital 8 . Ease of transfer of ownership 3 . EXITS : FINANCIAL STATEMENTS : Indicate in the space provided by each account whethe it would appear on the Income Statement ( IS ) , Balance Sheet ( BS ) , or Retained Earnis lings Statement ( RE ) a . I Service Revenue Accounts Receivable Utilities Expense BRE Common Stock 135 Cash BS Equipmen d. BE Accounts Payable Advertising Expense e BS Supplie ITS Salaries and Wages Expense BS Notes Payable