Financial Statement HCS/380: Health Care Accounting

Business Organization Users of Financial Information Roles Proprietorships- a business owned by one person. Internal users because the managers manage, plan, and organize the business. An individual proprietor owns and manages the business and is responsible for all business transactions. The owner is also personally responsible for all debts and liabilities incurred by the business. A sole proprietor can own the business for any duration of time and sell it when he or she sees fit. Partnerships- a business owned by two or more persons associated as partners External All partners are responsible for keeping the business records straight, keeping finances in order, and paying the business taxes. Corporations- A business...