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Determine two (2) topics that stood out for you, and discuss with the class the main...

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Accounting

Determine two (2) topics that stood out for you, and discusswith the class the main reasons why. Based on the topics covered inthis course, summarize the major benefits of forming a corporation.Identify at least three consequences to the corporation,shareholders, or partners of changing the business structure anddescribe the process involved in changing the business entity

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Answer I The Major benefits of Forming of a Corporations are described below 1Separate Legal IdentityA corporation exists as a business entity separate and apart from its owners This means for instance that a corporation may sue or be sued in its own name may own its own property make its own contracts pay its own taxes and have its own rights responsibilities and liabilities 2Limited Liability Corporations provide limited liability protection to their ownersThe owners of a corporation is known as shareholdersGenerally the owners are not personally responsible for the debts and liabilities of the businessHence the creditors cannot purse    See Answer
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Determine two (2) topics that stood out for you, and discusswith the class the main reasons why. Based on the topics covered inthis course, summarize the major benefits of forming a corporation.Identify at least three consequences to the corporation,shareholders, or partners of changing the business structure anddescribe the process involved in changing the business entity

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