1. When choosing a business form, what are they key difference between proprietorship, partnership and a corporation? 2. What are the seven (7) characteristics of a partnership? 3. What are the differences between a/an

a. Limited liability Partnership b. Limited liability Corporation c. S Corporation?

4. What factors are taken into consideration when choosing a business form? 5. What are the three (3) methods used to allocate income or loss? Explain each method. 6. What accounts are affected when recording the admission of a new partner when the new partner contributes cash? 7. What are the two ways a partner generally withdraws from a partnership? 8. What does capital deficiency mean? What happens if a partner cannot pay a deficiency? 9. When there is death of a partner, what happens to the partnership? 10. What are the steps taken when a partnership is liquidated?

Please answer all of the questions, if you can not answer all of the questions do not reply.