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Accounting principles > Forms of Business Organization > Flashcards

Forms of Business Organization Flashcards

1
Q

Owned by one person

A

Sole proprietorship

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2
Q

2 person business

A

Partnership

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3
Q

Partners are only liable up to amount of their investment

A

Limited (LTD)

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4
Q

2 or more person business

A

General Professional Partnership (GPP)

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5
Q

All personal asset of person 1 and 2 could be taken

A

General

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6
Q

Two types of stock in corporation

A

Common stock
Preferential stock

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Accounting principles (3 decks)

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