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Chapter 1 Weekly Discussion

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Q Chapter 1 - Weekly Discussion 1. Tell me about the four basic forms of business organizations and their advantages and disadvantages 2. Provide the definition and at least one example of each type of account: (a) assets, (b) liabilities, (c) equity RUBRIC: **5 points are awarded for a post that correctly and the answer with proper punctuation and grammar. This post is typically is a full paragraph with at least 5-8 sentences. Sources used, including textbook, are cited. **3 points are awarded for a post that is "mostly" correct and complete with proper punctuation and grammar. This post is typically close to a full paragraph with at least 3-5 sentences. **1 point is awarded for a post that is incorrect and/or incomplete. **0 points are awarded to those that do not answer the question

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The four basic forms of business organizations are sole proprietorships, partnerships, corporations, and limited liabilities (LLC). An advantage for a sole proprietorship is there is no additional income tax, however a disadvantage is the is unlimited liability. An advantage of a partnership is that it is easy to set up, however a disadvantage is that it is not a separate legal entity. An advantage of a corporation is that it is a separate entity, and a disadvantage is that it has additional income tax. Finally, an advantage of a limited liability company is that the members have limited liability, and I do not believe that there is a disadvantage to this form if business organization.