Natalie took notes on the advantages of the corporate form of owning a business over the partnership form of owning a business. Building on her work of yesterday which examined the income statement of a business, I explained how corporations can take advantage of the tax benefits of depreciating older assets. We further examined how the corporate form of ownership insulates owners from contract liabilities and provides an avenue to raise capital. Last, I mentioned how the LLC form of ownership has in great part replaced the corporate form of ownership for many smaller businesses. I distributed a study guide and questions I prepared on partnerships, corporations and LLCs ,and Natalie answered the questions on partnership after which we addressed the limited partnership form of ownership. For homework, I assigned reading on the corporate form of ownership and completing the study guide questions on corporations. We will go over the assignment on Tuesday and on Wednesday review Natalie's first draft of her economics essay.