Business Entities—Partnerships and Corporations

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1 Business Enes - Partnerships and Corporaons - Amazon
Amazon
Business Entities—Partnerships and Corporations
Southern New Hampshire University
ACC 630 – Financial Reporting
Milestone One
2 Business Enes - Partnerships and Corporaons - Amazon
The company I will discuss in this paper is Amazon Inc. Amazon is an American
company based in Seattle Washington (Amazon company, 2018). This company was founded by
Jeff Benzos on July 5, 1994. This tech giant is the largest internet retailer in the world as measure
by market capitalization (value at a point in time of the shares outstanding of a publicly traded
company, being equal to the share price at that point of time multiplied by the number of shares
outstanding) and revenue (the income that a business has from its normal business activities). As
you continue to read this paper, I will describe the effects that damage estimates would have on
the financial statements of a corporation and a partnership, elaborate on how disclosure
requirements differ from a corporation to a partnership, discuss whether shareholders would be at
risk for any personal liability and discuss the risk partners of a partnership may face.
Contingent liabilities are liabilities that may be acquired by an entity depending on the
outcome of uncertain future events, such as the outcome of a pending lawsuit. These liabilities
are shown in the balance sheet when the probable or reasonably estimable or 'worst case
scenario' financial outcome is realized. A footnote to the balance sheet may describe the nature
and extent of the contingent liabilities. The probability of loss is described as possible,