Explain the difference between proprietorships, partnership, andcorporations based on owners, life of the organization,...

60.1K

Verified Solution

Question

Accounting

Explain the difference between proprietorships, partnership, andcorporations based on owners, life of the organization, liabilityof owners, and legal status?

Answer & Explanation Solved by verified expert

4.3 Ratings (640 Votes)

The differences are discussed below 1 Owners A proprietorship has only one owner who is called the sole proprietor A partnership firm has got two or more than two owners These owners are called partners An S corporation can have up to 75 owners while an LLC can have an unlimited number of owners The owners in a corporation are called shareholders 2 Life of the organization The See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingExplain the difference between proprietorships, partnership, andcorporations based on owners, life of the organization, liability...Explain the difference between proprietorships, partnership, andcorporations based on owners, life of the organization, liabilityof owners, and legal status?