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The Characteristics Below Apply to at Least One of the Forms

question 223

Essay

The characteristics below apply to at least one of the forms of business organization.
a.Is a separate legal entity?
b.Is allowed to be owned by one person only?
c.Owner or owners are personally liable for debts of the business.
d.Is a taxable entity?
e.Is a business entity?
f.May have a contract specifying the division of profits among the owners?
g.Has an unlimited life.
Use the following format to indicate (with a yes or no)whether or not a characteristic applies to each type of business organization.
 Proprietorship  Partnership  Corporation  a  b  c  d  e  f  g \begin{array} { | l | l | l | l | } \hline & \text { Proprietorship } & \text { Partnership } & \text { Corporation } \\\hline \text { a } & & & \\\hline \text { b } & & & \\\hline \text { c } & & & \\\hline \text { d } & & & \\\hline \text { e } & & & \\\hline \text { f } & & & \\\hline \text { g } & & & \\\hline\end{array}

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Definitions:

Outstanding Cheques

Checks that have been written and recorded in the issuing account but have not yet been cashed or deposited by the recipient.

Balance Per Bank

Balance per bank refers to the amount of money a business has in its bank account, as recorded by the bank, before reconciling any discrepancies with the company's records.

Safeguarded

refers to measures or actions taken to protect something from harm, loss, or unauthorized access.

Bank Service Charge

Fees charged by banks for account services provided, including monthly maintenance, transactions exceeding a certain limit, or ATM usage outside the network.

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