Business Fundamentals and Legal Responsibilities Quiz

Corporations provide limited liability for their owners/members (correct)

Corporations and sole proprietors have the same level of liability

Partnerships provide more liability protection than corporations

Sole proprietors and partnerships provide limited liability for their owners

Businesses are taxed only on their profits

Businesses are exempt from all forms of taxation

Business structure does not allow for corporate tax rates (correct)

Businesses are taxed at the same rate as corporations

Owned by one person but operates for the community's benefit

Owned by one person and operates for their benefit (correct)

Owned by multiple people and operates for their benefit

Owned by a corporation and operates for their benefit

<p>Creditors can go after the owner's personal possessions</p> Signup and view all the answers

<p>It does not separate the business entity from the owner</p> Signup and view all the answers