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as trustee for, used in business/legal documents if referring to a named entity etc
false
The term incorporated refers to the process companies go through to become a separate legal entity from the owner/s. This means the business exists in its own right, its own legal entity. Regardless of what happens to individual owners (shareholders) of the company, the business continues to operate. The business has taken on a life of its own.An unincorporated business is a sole trader or partnership where the business entity and the owner are one and the same. When the owner dies then so too does the business entity.
proprietorship
Yes, it is a noun. A corporation is a business that has been incorporated or "given a body" (made into a separate legal entity from its owners); a word for a thing.
An accounting entity is the economic unit, the business that is being accounted for and not necessarily a legal entity (Sands J 2002). I currently manage and submit accounting reports for a business unit within the company I work for, the business unit is an accounting entity with retained earnings, assets, etc... however the business unit is not in itself a legal entity, it is a department within a legal entity.
A business organized as a separate legal entity owned by stockholders is a partnership.
corpation
The accounting entity suggests that the owners funds are kept separate from the business's, The legal entity however considers them to be the same account when seizing assets for reasons such as debt
as trustee for, used in business/legal documents if referring to a named entity etc
false
The term incorporated refers to the process companies go through to become a separate legal entity from the owner/s. This means the business exists in its own right, its own legal entity. Regardless of what happens to individual owners (shareholders) of the company, the business continues to operate. The business has taken on a life of its own.An unincorporated business is a sole trader or partnership where the business entity and the owner are one and the same. When the owner dies then so too does the business entity.
proprietorship
When a business incorporates, it becomes a legal person in the eyes of the law. This entity can now file lawsuits and be sued. This classification protects the owners of the business from legal sanctions.
proprietorship
A corporation charter is the legal document that converts a sole proprietorship or a partnership into a legal entity. It is issued by the government.
Business Entity Concept