Problem 30

Introduction

A company is a legal body founded by a group of people to conduct industrial and commercial activities and govern them. Depending on the state or county corporate requirements, a business can be formed in a variety of methods for tax and financial objectives. The type of activity a firm performs usually determines the type of business structure it chooses, such as partnerships, sole proprietorships, or corporations. The equity structure of the organization is also revealed by these agreements. It's also possible to tell the difference between private and public companies. The ownership structures, legislation, and financial statement requirements of the two companies are all different.