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4 Tutorials that teach Businesses and Organizations
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Businesses and Organizations

Businesses and Organizations

Author: Virginia Coco
Description:
In this lesson, the student will learn about legal and tax entities in accounting.
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Tutorial

Notes on "Businesses and Organizations"

Key Terms

Sole Proprietorship

A type of company that is owned by a single individual, and where the

individual and the business are legally treated as the same.

Limited Liability Company (LLC)

A type of company where owners are not held personally

responsible for the organization's liabilities.

Limited Liability Partnership (LLP)

A type of company where only one of the partners is liable

for the amount invested in the organization and is not accountable for the behavior of the other

partner(s).

Corporation (Inc)

A type of company that exists as a separate unit from owners and

shareholders, thereby protecting each individual from liability that exceeds the original

investment.

Private Corporation (PC)

A type of company whose shares are not purchased or traded

publicly.

Non-Profit

An organization that reinvests profit into the goals of the company instead of

distributing to owners and shareholders.