Title: Distinguish the characteristics, advantages, and disadvantages of a corporation.
Course: Accounting, Advanced (12104-II) > Section: Implementing Accounting for a Corporation

Distinction should include the

- steps used to form a corporation
- characteristics of the corporate form of organization, including the S corporation
- differences between the responsibilities of a public corporation and those of a private corporation from an accounting perspective
- advantages of the corporate form of organization (e.g., continuity of ownership, ability to raise capital, liability shield)
- disadvantages of the corporate form of organization (e.g., regulation, double taxation of dividends).