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What Is the Main Advantage and the Main Disadvantage of Organizing

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Essay

What is the main advantage and the main disadvantage of organizing a businesses as either a proprietorship or as a partnership rather than as a corporation?


Definitions:

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting that does not necessarily align with the calendar year.

Transactions

The exchange or transfer of goods, services, or funds between two or more parties.

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements, which may begin and end at any point during the calendar year.

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