About This Chapter
Organization Structures & Accounting - Chapter Summary
Studying organization structures and accounting is simple using this informative chapter. Feel confident in your understanding of sole proprietorship, partnerships, limited liability companies, corporations and more. After studying the lessons, you will be able to:
- Describe the four ways a business can be organized and discuss their structures
- Explain the advantages, disadvantages, liabilities and tax structure of corporations
- List types of partnerships and describe their tax liability and structure
- Define and discuss the tax structure and accounting procedures for a limited liability company
- Provide details about the advantages, disadvantages, tax structure and liability of a sole proprietorship
- Identify types of not-for-profit organizations
- Discuss how accounting principles for nonprofit organizations differ from those of corporations
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1. Organizational Structure & Ownership of a Business
There are four ways a business can be organized: sole proprietorship, partnership, limited liability, and corporation. Each form of ownership takes on a different structure with regards to tax liabilities, income, and risks.
2. Corporations: Types, Advantages, Disadvantages & Examples
Corporations are a popular form of business organization for large and small businesses. In this lesson, you'll learn about the advantages and disadvantages of a corporation. You'll also learn about S-corporations and C-corporations.
3. Tax Structure and Liability of Corporations
A corporation is a complex business structure with unique characteristics pertaining to taxation and liability. The advantages of a corporation are subject to certain rules. This lesson explains double taxation, limited liability and piercing the corporate veil.
4. The Basics of Partnerships: Types & Examples
Partnerships are a common way to organize a business in the United States. In this lesson, you'll learn about different types of business partnerships and their respective advantages and disadvantages. A short quiz follows the lesson.
5. Tax Structure and Liability of Business Partnerships
Many businesses are partnerships. These are unincorporated businesses owned by two or more people. This lesson explains the tax structure of partnerships and the liability of general partners.
6. What Is a Limited Liability Company? - Definition, Benefits & Examples
A limited liability company is a popular business structure that provides the benefits of both a partnership and a corporation. This lesson explains the benefits of limited liability companies.
7. What Is Sole Proprietorship: Definition, Advantages & Disadvantages
Most businesses are sole proprietorships. This is the easiest and most straightforward type of business to form. Sole proprietorships are owned and run by only one person. This lesson explains sole proprietorships.
8. Tax Structure & Liability of Sole Proprietorships
By far the most common type of business in the United States is a sole proprietorship. In this lesson, we will discuss this simple business structure including its tax advantages and liabilities.
9. Not-For-Profit Organizations: Types & Examples
This lesson will give an overview of not-for-profit organizations. The different types of not-for-profit organizations will be given and examples will be explored.
10. Accounting Principles for Nonprofit Organizations
This lesson will go over the various accounting principles for nonprofit organizations, and how they differ from corporations. Nonprofits must keep a clear record of what money they take in and how the money goes out. Furthermore, nonprofits have a number of ways that they can generate revenue and keep it all tax exempt.
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