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Questions and Answers
In terms of liability, how are corporations different from sole proprietors and partnerships?
In terms of liability, how are corporations different from sole proprietors and partnerships?
- 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
What is the taxation system for businesses like?
What is the taxation system for businesses like?
- 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
What is the main characteristic of a sole proprietorship?
What is the main characteristic of a sole proprietorship?
- 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
What happens if a business acquires debts?
What happens if a business acquires debts?
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What is the primary purpose of having a business name?
What is the primary purpose of having a business name?
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