These days, not only single business owner but also partnership business owners are suffering from massive competition as a result they are compelled to quit their business because of unlimited liability. Some experts recommend you to convert your sole proprietorship business into a corporation to avoid the threat of massive competition and unlimited liability. Now you are thinking of converting your business into corporation then underline the benefits of corporation as compared to other form of business with reference to major accounting concepts and principles, keeping an eye on ethics in accounting.