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As Compared to a Partnership, What Are Three Major Advantages

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As compared to a partnership, what are three major advantages of carrying on a business as a corporation?


Definitions:

Balance Sheet

An accounting document that outlines the assets, liabilities, and owners' equity of a company on a specific date.

Land

A fixed asset category representing the ownership of a physical parcel of the earth's surface which is used in operations and has an indefinite useful life.

Working Capital

The difference between a company's current assets and current liabilities, indicating the short-term financial health and operational efficiency of the company.

Inventory

The total value of a company's raw materials, work-in-progress, and finished goods that are considered assets on a balance sheet.

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