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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's personal possessions from creditors (correct)
- Prevent the owner from being responsible for business debts
- Allow for corporate tax rates
- Separate the business entity from the owner
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 provide limited liability for owners
- Business owners are not personally taxed on income
- Business structure allows for corporate tax rates (correct)
- Business owners are personally taxed on all income
What is a key difference between corporations and sole proprietors?
What is a key difference between corporations and sole proprietors?
- Sole proprietors can acquire debts without personal liability
- Corporations are not subject to taxation
- Sole proprietors have limited liability
- Corporations are separate legal entities (correct)
What does the term 'business' often colloquially refer to?
What does the term 'business' often colloquially refer to?
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What can creditors do if a business acquires debts?
What can creditors do if a business acquires debts?
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