5 Questions
In terms of liability, how are corporations different from sole proprietors and partnerships?
Corporations provide limited liability for their owners/members
What is the taxation system for businesses like?
Business structure does not allow for corporate tax rates
What is the main characteristic of a sole proprietorship?
Owned by one person and operates for their benefit
What happens if a business acquires debts?
Creditors can go after the owner's personal possessions
What is the primary purpose of having a business name?
It does not separate the business entity from the owner
Test your knowledge of business fundamentals and legal responsibilities with this quiz. Explore concepts such as business entity separation, liability, and profit-driven enterprises.
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