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Week1 Homework

In: Business and Management

Submitted By Bristolsmom1
Words 822
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Homework Week 1

Chapter 1
The Four Types of Firms

1. What is the most important difference between a corporation and all other organizational forms?
The biggest difference between a corporation and all other types of organizational forms is that a corporation is not one person. It is a standalone entity versus a person that is an owner. 2. What does the phrase limited liability mean in a corporate context?
Limited liability is a term to that means a partnership with limited liability is only liability for their investment. Their assets cannot be seized to pay the company’s debts. 3. Which organizational forms give their owners limited liability?
Limited Liability companies and some corporations give their owners limited liability. They can also run the business. 4. What are the main advantages and disadvantages of organizing a firm as a corporation?
Some of the advantages of a corporation is there is no limitation on who can own part of the company in stock. Corporations can raise a lot of capital because they can sell ownership shares to outside investors. Also with a corporation there is limited liability to anyone that owns part of the company. That means they are only liable for their investment into the stock.
Some disadvantages is the taxation of the shareholders. Shareholders of a corporation pay taxes twice. The company pays tax on its profits, and then the profits go to the shareholders who also have to pay taxes on it. Another disadvantage of a corporation is that there is typically a board of directors. So not one person can control the fate of the company, there is a lot of people involved in that process. Anyone that is part owner in the company helps make that decision. 5. Explain the difference between an S corporation and a C corporation.
S corporations are allowed to be exempt from double taxation. The firm’s...

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