AC114 Unit 1 Discussion three types of businesses
Discussion Overview
Throughout this course, many discussion opportunities come up where you need to respond to other people’s opinions and comments. Address the Discussion topic after you have completed your reading.
Discussion Topic 1
Describe the three types of businesses, the role of accounting, how accounting is important for a business, and ethics in business and accounting.
AC114 Unit 1 Discussion three types of businesses
There are three types of business models Proprietorship, Partnership, and Corporation. A Proprietorship is a business owned and operated by one person. This type of business is generally started with a small amount of money (capital) and the owner receives and profits, suffers any losses, and is personally responsible for all debts of the business. A Partnership is a business owned by two or more persons. A partnership is like a proprietorship except that more than one owner is involved. Each partner generally has unlimited personal liability for the debts of the partnership, a partnership agreement sets forth terms such as initial investment, duties of each partner, and division of net income or net loss.
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