ACCT1210 - CH.13

Corporations are either

Public Corp

• not listed on stock exchange

• "listed" which means its shares trade on a stock exchange

Private Corp

• not listed on stock exchange

• "listed" which means its shares trade on a stock exchange

must follow IFRS

• Public Corp

• Private Corp

shares are privately held, not traded on a stock exchange

• Public Corp

• Private Corp

Has a choice of following ASPE or IFRS

• Public Corp

• Private Corp

separate legal entity

• Partnership

• Corp

continuous life and transferability of ownership

• Partnership

• Corp

no mutual agency

• Partnership

• Corp

limited liability of shareholders

• Partnership

• Corp