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Lecture Fundamental financial accounting concepts (8/e): Chapter 11 - Edmonds, McNair, Olds

This chapter discusses proprietorships, partnerships, and corporations and other features of the three primary forms of business structure. After you have mastered the material in this chapter, you will be able to: Identify the primary characteristics of sole proprietorships, partnerships, and corporations; explain how different types of capital stock affect financial statements; show how treasury stock transactions affect financial statements. | Proprietorships, Partnerships, and Corporations Chapter Eleven McGraw-Hill/Irwin McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. This chapter discusses proprietorships, partnerships, and corporations and other features of the three primary forms of business structure. Business Forms A sole proprietorship is owned by a single individual. A partnership is owned by two or more individuals. Partnerships require clear agreements about authority, risks, and the sharing of profits and losses. A corporation is a separate legal entity created by the authority of a state government. Each state has separate laws governing establishing corporations. 11- There are three basic forms of business organizations: A sole proprietorship is owned by a single individual. A partnership is owned by two or more individuals. Partnerships require clear agreements about authority, risks, and the sharing of profits and losses. A corporation is a separate legal entity created by the authority of a state government. Each state has separate laws governing establishing corporations. Regulation Few laws govern the operations of sole proprietorships and partnerships. Corporations are subject to regulations. Large, publicly traded corporations are much more heavily regulated than smaller, closely-held corporations. SEC Acts of 1933 and 1934. Sarbanes-Oxley Act of 2002. Exchange listing requirements. 11- Corporations are subject to many more laws and regulations than are sole proprietorships and partnerships. Large, publicly traded corporations are much more heavily regulated than smaller, closely-held corporations. They are subject to the provisions of the Securities and Exchange Commission Acts of 1933 and 1934, the Sarbanes-Oxley Act of 2002, and various exchange listing requirements. Corporate Advantages Separate legal entity Limited liability of stockholders Continuous life Easily transferable ownership rights Ability to raise capital | Proprietorships, Partnerships, and Corporations Chapter Eleven McGraw-Hill/Irwin McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. This chapter discusses proprietorships, partnerships, and corporations and other features of the three primary forms of business structure. Business Forms A sole proprietorship is owned by a single individual. A partnership is owned by two or more individuals. Partnerships require clear agreements about authority, risks, and the sharing of profits and losses. A corporation is a separate legal entity created by the authority of a state government. Each state has separate laws governing establishing corporations. 11- There are three basic forms of business organizations: A sole proprietorship is owned by a single individual. A partnership is owned by two or more individuals. Partnerships require clear agreements about authority, risks, and the sharing of profits and losses. A corporation is a separate .