You will hear five short recordings. For each recording, decide what corporate type each company belongs to. Write one l

Thirteen
The money earned by the corporation will be used to further its cause, goal or mission rather than to pay dividends to its members.
The business is usually formed for a charitable, civic, or artistic purpose, ranging from churches to foundations, schools to museums, civic & political organisations to professional services, and scientific activities to activity clubs.
It is generally funded by public or private donations with a tax exempt and deductible status.
Fourteen
The business is owned by an unlimited number of shareholders and owners, who are not personably responsible for its business debts & liabilities or wrongdoings.
The board of directors makes major decisions, while the officers do day-to-day operations.
A major disadvantage of this standard business entity is that the profits are distributed as dividends to its shareholders, which created a double taxation dilemma, with its profits taxed twice as income to both the entity itself and the shareholders & owners.
Fifteen
This form of company may do business with a trade name rather than the owner’s name.
In the simplest business structure, the owner, who can be independent contractors, consultants, or freelancers, is liable for reporting all business incomes or losses on his or her individual tax return and taking charge of all aspects of business activities any time and anywhere with no partners.
This one-person financial venture lacks business continuity, for it becomes inoperative easily when the owner is in some unfavourable situations.
Sixteen
In this business undertaking, two or more individuals or groups bound by a voluntary contract contribute money, property, labour or skills to share equal responsibility in the profits and debts, and sometimes in the conduct of the enterprise as co-owners. The owners are taxed as individuals and each in his or her personal capacity is liable for the debts, obligations, acts, or missions of the other owners. But not all of such entity organisations offer liability protection to those who operate or invest in the business.
Seventeen
In fact, this business association is usually advocated by many entrepreneurs and small business owners for its advantages, for example, distributions of profits or losses are taxed at the shareholder’s marginal tax rate.
Moreover, the shareholders are exempt from personal liability for business debts. But some eligibilities for the entity is restrictively defined as issuing only one class of stock, limiting the maximal number of shareholders to 100 and stipulating the citizenship of the shareholder.