Real Quizzes
Proprietorships- pro ANS Easy to set up.
Owner control
Lower taxes
Proprietorships-CON ANS Personal liability
Hard to transfer ownership
Partnerships-pro ANS Easy to set up
Shared control
Lower taxes
Broader resources
Partnerships-con ANS Personal liability
Hard to transfer ownership
Corporations- Pros ANS Easy to transfer ownership
Easy to raise funds
No personal liability
Corporation - Con ANS Higher taxes
Harder to set up
Income Statement ANS (Rev. - Exp. = Net Income)
Stmt. Of Retained Earnings ANS (Beg. R/E + Net Income - Dividends = End. R/E)