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Questions and Answers
What does having a business name not do?
What does having a business name not do?
- Protect the owner from debts incurred by the business
- Separate the business entity from the owner (correct)
- Provide limited liability for the owner
- Affect the taxation system for businesses
How is the taxation system for businesses different from that of corporations?
How is the taxation system for businesses different from that of corporations?
- Corporations are not responsible for debts incurred by the business
- Businesses are subject to limited liability for their owners/members
- Corporations are personally taxed on all income from the business
- Business structure does not allow for corporate tax rates (correct)
What is the main difference between corporations and sole proprietors/partnerships?
What is the main difference between corporations and sole proprietors/partnerships?
- Sole proprietors/partnerships are personally taxed on all income from the business
- Corporations are not responsible for debts incurred by the business
- Sole proprietors/partnerships are separate legal entities
- Corporations provide limited liability for their owners/members (correct)
What can creditors do if a business acquires debts?
What can creditors do if a business acquires debts?
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What does the term 'business' often refer to colloquially?
What does the term 'business' often refer to colloquially?
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