Other : J371 Business Structures And Financial Statements.edited

Running head: BUSINESS STRUCTURES AND FINANCIAL STATEMENTSBusiness Structures and Financial StatementsInstitutional AffiliationDate1BUSINESS STRUCTURES AND FINANCIAL STATEMENTS2IntroductionDeciding to open a business must start by understanding the different forms of businessorganization in order to choose the most appropriate. There are three main categories of businessorganizations which are corporations, partnerships, and sole proprietorship and each form ofbusiness organization have its advantages as well as disadvantages. The choice of the form ofbusiness organization must consider tax and legal issues and also the financial concerns (Hisrichand Ramadani, 2017). In making better and informed business decisions, it is important to usethe information recorded in the financial statements. The major financial statements used are theincome statement, balance sheet, and the cash flow statement.Legal Categories of Business Structures and their Tax-Related Advantages andDisadvantagesCorporations, partnerships, and sole proprietorships are the three categories of businessorganization and each has various advantages and disadvantages related to the tax charged. Asole proprietorship is a form of business which is owned solely by the person who establishes thebusiness and is the form of business that is the simplest to set up. A partnership is a form ofbusiness that is formed by two or more individuals who come up to establish the businesstogether. A cor ...


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