Question

1) There are several types of corporations, list the different types and what type would most benifet someone that wants to opem a business on their own.

2) Discribe the main points and ideas of a trial audit.

Answer 1

1) a) 1 Sole Proprietorship

General Partnership

Limited Partnership

Limited liability partnership

Limited liability limited partnership

Corporation

Non profit Corporation

Limited liability company

Massachusetts Trust

Trust

Joint venture

Tenants in common

Municipality

Association

1)b Sole proprietorship would be better if someone wants to open business on their own.A sole proprietorshp is one individual business alone.This type of business is simple to form and operate and may enjoy greater flexibility of management,fewer legal controls, and fewer taxes.However, the business owner is personally liable for all debts incurred by the business.

2) A trial audit is a set of records and destination and source of records which provide evidence of activities that have affected at any time a specific operations, procedure or event.

Audit is important for any organisation which typically result from activities such as financial transactions,scientific research and health care data transactions or communications by individual people, systems, accounts or other entities.