Identify five (5) characteristics that distinguish a corporation from proprietorships and partnerships

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Solution:

Basis	Proprietorships	Partnership	Corporation
Constitution / composition	An individual doing his own business	Two or more people doing business for profit	A legal entity separate from its members in eyes of law. The company is treated as a legal person with perpetual succession
Owner called as	Sole Proprietor	Individual members known as partners and collectively known as a firm.	Common stockholder Or Shareholder
Management	The sole proprietor owns and manages the business himself	Partners are agents of the partnership and are generally entitled to manage the partnership firm	Company members are not its managers (directors) or agents. Note: In the case of closely held Company the members are owners and directors also.
Liability	Unlimited	Unlimited	Limited up to fully paid value of the share held.
Dissolution	Can be dissolved informally	Can be dissolved informally	A formal procedure is required to follow as companies act to end the life of company.

ekkarill92 answered 2 years ago

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