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When choosing a business form, what are the key differences

  1. When choosing a business form, what are the key differences between a proprietorship, a partnership, and a corporation?
  2. What are the seven characteristics of a partnership?
  3. What are the differences between a/an
    • Limited liability partnership
    • Limited liability corporation
    • S corporation?
  4. What factors are taken into consideration when choosing a business form?
  5. What are the three methods used to allocate income or loss? Explain each method.
  6. What accounts are affected when recording the admission of a new partner when the new partner contributes cash?
  7. What are the two ways a partner generally withdraws from a partnership?
  8. What does capital deficiency mean? What happens if a partner cannot pay a deficiency?
  9. When there is the death of a partner, what happens to the partnership?
  10. What are the steps taken when a partnership is liquidated?

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