4 Tutorials that teach Businesses and Organizations
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Businesses and Organizations

Businesses and Organizations

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


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


Private Corporation (PC)

A type of company whose shares are not purchased or traded



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

distributing to owners and shareholders.