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Hey the 1st one I need tomorrow evening, but the other two by Thursday and Friday. Reply to Leann James for me on the 3rd all with APA Sources. 5-7 sentences

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1. How do you distinguish a partnership from a corporation? How do you distinguish a public partnership from a public corporation? If you were starting a business with a friend and only had a choice between a partnership and corporation, which would you choose and why?

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2. Class, when comparing the two business forms, what are the advantages of each over the other?

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3. LeeAnn James

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SundayApr 11 at 10:26pm

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Manage Discussion Entry

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Good evening Professor and Class,

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Partnership and corporation are forms of a business organization. Each has their own advantage and disadvantage.

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Meaning of partnership – This is a type of business organization in which two or more individuals pool money, skills, and other resources to earn profit. They share profit and loss accordance with terms of the partnership agreement but if there are now written agreement that profit and loss will be share equally by all partners.

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Meaning of Corporation/company- A corporation is a business entity that is owned by its shareholders, who elect a board of director to oversee the organization’s activities. The corporation is liable for the actions and finance of the business, not shareholder. Corporations can be for profit or not for profit.

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The information embedded in the below graph have been retrieved mostly from page 670 of this week reading, are following major difference between a partnership and a corporation.

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Basis of difference

Partnership

Corporation

Governing by

Revised uniform partnership act

Company law

Existence

Firm does not has separate existence from partners

Corporation has separate existence from members

Liability

Unlimited

Limited

Management

All partners take parts in management.

Director elected by member can only takes parts in management.

Registration/incorporation

Not mandatory

Company comes into existence after incorporation.

Life

Depend on partners death, retirement, insolvency

Life does not affected from shareholder admission, death, transfer etc.

Audit of accounts

Not compulsory

Statutory compulsory

Capital

Invested by partner

Paid by shareholder.

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If I start business with my friend then first of all I will consider following one or more factors before selection.

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  • Flexibility in structure
  • Complexity in startup, operation, compliance.
  • Liability of owners
  • Taxes on income and its liability on owner.
  • Control over business and management.
  • Amount of capital investment.
  • Licenses, permits, and regulations

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If we like and agree the following factor then we should select partnership form of business otherwise corporation will be best choice for us.

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  • Less complexity in business startup, process.
  • Unlimited liability of owners
  • Want direct control over business and management
  • Low amount of invested
  • Able to contribute own small capital.

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Reference:

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Hoyle, J. B., Schaefer, T. F., & Doupnik, T. S. (2021). Advanced Accounting. VitalSource Bookshelf (14th ed.). McGraw-Hill Education. https://online.vitalsource.com/#/books/9781260726435/cfi/6/6!/4/2/28/2@0:46.4.

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