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