ACC 100 Chapter Notes - Chapter 1: Retained Earnings, Current Liability, Financial Statement

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Else Grech

Document Summary

P1-1a: corporation - the three professors each contributed equal amounts of cash and knowledge into the business. It also says that their software looks promising, and they are concerned about the legal liabilities that the business might confront. Robert and tom have combined their own businesses to form a larger one. Because they are looking to expand their business, they will need to participate in financing activities. They may decide to maintain their partnership and borrow money from a bank or other creditor. They may also decide to sell shares in their company which would transform it into a corporation: partnership this business will be owned by three people. The marketing consulting business is a service that can be organized within this type of business organization: proprietorship herve wants to maintain control over his business, so a proprietorship is the best choice.