Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 37

The following describe several different business organizations. Determine whether the description refers to a sole proprietorship (SP), partnership (P), or corporation (C).
_________ a. Micah Douglas and Nathan Logan own Financial Services, a financial services provider. Neither Douglas nor Logan has personal responsibility for the debts of Financial Services.
_________ b. Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.
_________ c. IBC Services does not have separate legal existence apart from the one person who owns it.
_________ d. Trent Company is owned by Trent Malone, who is personally liable for the company's debts.
_________ e. Ownership of Zander Company is divided into 1,000 shares of stock.
_________ f. Physio Products does not pay income taxes and has one owner.
_________ g. AJ Company pays its own income taxes and has two owners.