Assignment
• When choosing a business form, what are they key differences between a proprietorship, a partnership and a corporation?
• What are the seven characteristics of a partnership?
• What are the differences between a/an
o Limited liability partnership
o Limited liability corporation
o S corporation?
• What factors are taken into consideration when choosing a business form?
• What are the three methods used to allocate income or loss? Explain each method.
• What accounts are affected when recording the admission of a new partner when the new partner contributes cash?
• What are the two ways a partner generally withdraws from a partnership?
• What does capital deficiency mean? What happens if a partner cannot pay a deficiency?
• When there is death of a partner, what happens to the partnership?
• What are the steps taken when a partnership is liquidated?
Format your assignment according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.