The following describes different businesses. Mark each with the appropriate letter to indicate whether it would be
Question:
____ 1. Alan Cohen and Carol Palmer own Cohen and Palmer, CPAs, an accounting firm. Both are personally liable for the firm's debts.
___ 2. Crystal's Spa and Salon does not have separate legal existence apart from its one owner, Crystal Mullinex.
___ 3. Gimme Coffee is divided into 12,000 shares of stock.
___ 4. Johnson Boatyard does not pay taxes and has one owner.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For 
Principles Of Accounting
ISBN: 9780077300456
1st Edition
Authors: Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton
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