For accounting purposes, the business entity should be considered separate from its owners if the entity is:________

1 answer:

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For accounting purposes, the business entity should be considered separate from its owners if the entity could be a proprietorship, corporation or partnership.

<h3>What is a business entity?</h3>

It refers to the organization created by an individual or individuals to conduct business, engage in a trade or partake in similar activities. It ia also an organization founded by one or more natural persons to facilitate specific business activities or to allow its owners.

There types of business entities includes the sole proprietorship, partnership, LLC, corporation, etc

Hence, the business entity should be considered separate from its owners if the entity could be a proprietorship, corporation or partnership.

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