In Business, there are three types of business operation for profit including service, retail, and manufacturing businesses. The business entity assumption limits the economic data in financial reports to that directly related to the activities of business. A business entity may take the form of a propietorship, partnership, corporation, or limited liability company (LLC ). Why are most large companies like Microsoft (MSFT) PepsiCO (PEP), Caterpillar (CAT)and AutoZone (AZO) organized as corporation? What are advantages and disadvantages of corporation comparing to other forms of business entity? Do you know MSFTPEPCATAZO what those are represented? Why they have the abbreviationfor a public firms?