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jolli1 [7]
3 years ago
6

What are the three legal forms of business organization? What are the advantages and disadvantages of each one

Business
1 answer:
My name is Ann [436]3 years ago
7 0

Answer:

Explanation:Three legal form of business organization

(1)sole proprietorship:-this is a one man business the PROPRIETOR. He runs the total affairs of the business

Advantages:-The owner has the final says

He enjoys all profits

Disadvantage:-the owner bears the loss alone.

His death can end the business..

(2)PARTNERSHIP:-It is a business owned by two or more people called partners..

advantages:-fund raising is easy..

They bring experience together..

Work load is shared.

Disadvantages:-profits is sheared..

Disagreement can set in and end the business

Death of some partners can end the business..

LIMITED LIABILITY COMPANY:-A limited liability company is a corporate structure whereby the owner are not personally liable for the company's debt or liabilities. Limited liability companies are hybrid entities that combines Tue characteristics of a corporation with those of a partnership or sole proprietorship..

Advantage:-transfer of ownership is easy..

Disadvantage:-exploitation of share holders..

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The correct answer is letter "D": if all else fails, slow the spread of bad practice.

Explanation:

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In front of a problematic situation, the "if all else fails, slow the spread of bad practices" is used when the consequence of an action is likely to be negative, but usually represents an order in the relationship of a principal-agent. The agent then carries out the necessary procedure as slowly as possible to prevent an unexpected reaction.

5 0
4 years ago
The micro-marketing of firms that are production-oriented usually results in a boost in sales and profits. frequently leads to h
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3 0
3 years ago
Prepaid Advertising Debit Balance $1100
alukav5142 [94]

Answer:

Debit   Advertising expense  $916.67

Credit  Prepaid Advertising    $916.67

Being entries to recognize advertising expense incurred for 5 months.

Explanation:

When an amount is paid in advance, the entries posted are

Debit Prepaid Advertising  

Credit Cash account (with the amount prepaid)

As the expense is incurred, entries required would be

Debit Advertising expense

Credit  Prepaid Advertising  (with the amount incurred)

Expense incurred in 5 months

= 5/6 × $1100

= $916.67

Hence the entries required will be

Debit   Advertising expense  $916.67

Credit  Prepaid Advertising    $916.67

Being entries to recognize advertising expense incurred for 5 months.

5 0
4 years ago
Which principle of design is used to modify the shape of a design
storchak [24]

Answer:

Principles applied to the elements of design that bring them together into one design. How one applies these principles determines how successful a design may be

8 0
3 years ago
Do entities report​ revenues, expenses,​ gains, and losses in net income or other comprehensive​ income? Explain.
I am Lyosha [343]

Answer:

Revenue Expenses in net income

Gain / losses in Other comprehensive income

Explanation:

Revenue and Expenses of an entity is reported in the net income section of income statement. the second section of income statement deals with unrealized gains / losses and any gain or losses from discontinuing operations as well. Net income also added to the other comprehensive income to calculate total net income or total comprehensive income.

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