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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE 11-1

Purpose: (L.O. 1) This exercise will review the major characteristics of a corporation.

Twenty-two businessmen in the local community have a plan to start a new business. They have decided to use the corporate form of organization.

Instructions

List and briefly describe the most important characteristics of a corporation that distinguish it from a proprietorship or partnership form of organization.

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