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today well be talking about chapter 12 which is accounting for partnerships and limited liability companies were going to start by discussing proprietorships partnerships and llcs were excluding corporations because we are going to cover that in chapter 13. so a proprietorship is a company owned by a single individual and because of this it is quite simple to form its just you it could be something as simple as a business you run out of your home one of the main disadvantages of proprietorships is the fact that they have no limitation on legal liability so what this means is the owner is personally liable so if youre suing the proprietorship you are suing the owner for everything they have it could be any of their personal assets like their home their car etc so thats a main disadvantage proprietorships are not taxable and what i mean by that is proprietorships are considered passed through entities and well talk about this more we discuss taxes but basically the proprietorship