Sole proprietorships and partnerships

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Reference no: EM133166692

Corporations are a form of business organization (along with sole proprietorships and partnerships). However, corporations are typically much larger; they generate the majority of revenue in the U.S. economy and have very distinct characteristics from other types of business organizations.

Characteristics of a corporation are as follows:

It is a legal entity. A corporation applies for and receives a charter from the state giving the corporation the legal right to incorporate in that state.

Stockholders are not personally liable for debts.

It has double taxation (corporations pay income tax, stockholders pay income tax on dividends).

Ownership is easily transferable.

It has stricter regulations than other forms of ownership.

It has higher startup costs.

Discuss the following:

Why does a company choose to incorporate?

List 1 characteristic of a corporation, and discuss whether it is beneficial to the organization and why or why not.

Reference no: EM133166692

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