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Accounting Principles > Forms of Business > Flashcards

Forms of Business Flashcards

1
Q

Owned by one person

A

Sole Proprietorship

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2
Q

Business owned by 2 person

A

Partnership

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3
Q

Partners are only liable up to amount of their investment

A

Limited Partnership (LTD)

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4
Q

All personal asset of the partners could be taken

A

General Partnership

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5
Q

2 or more person partnership

A

General Professional Partnership

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6
Q

Consist of Stockholders

A

Corporation

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7
Q

Corporation for profit generation

A

Stock Corporation

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8
Q

Corporation for charitable purposes

A

Non-Stock Corporation

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Accounting Principles (7 decks)

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