FIN 300 Chapter Notes - Chapter Midterm: Microsoft Powerpoint, Limited Liability Company, Limited Liability Partnership
Document Summary
Fin 300 exam 1 (chapters 1,2,3,4,5,6,7,9,10 & 11) Sarbanes-oxley act a law passed by congress that requires the ceo and cfo to certify that their firm"s financial statements are accurate. Proprietorship an unincorporated business owned by one individual. Partnership an unincorporated business owned by two or more persons. Corporation a legal entity created by a state, separate and distinct from its owners and managers, having unlimited life, easy transferability of ownership, and limited liability. S corporation a special designation that allows small businesses that meet qualifications to be taxed as if they were a proprietorship or a partnership rather than a corporation. Limited liability company (llc) a relatively new type of organization that is a hybrid between a partnership and a corporation. Limited liability partnership (llp) similar to an llc but used for professional firms in the fields of accounting, law, and architecture. It has limited liability like corporations but is taxed like partnerships.
