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Questions and Answers
Which business structure does not allow for corporate tax rates?
Which business structure does not allow for corporate tax rates?
- Sole proprietorship (correct)
- Corporation
- Sole trader
- Cooperative
Which business form provides limited liability for its owners/members?
Which business form provides limited liability for its owners/members?
- Sole proprietorship
- Corporation (correct)
- Sole trader
- Cooperative
What is the term used for an activity or enterprise entered into for profit?
What is the term used for an activity or enterprise entered into for profit?
- Sole proprietorship
- Business (correct)
- Cooperative
- Corporation
Which business entity does not separate the business entity from the owner in terms of liability for debts?
Which business entity does not separate the business entity from the owner in terms of liability for debts?
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What is the term for a business owned by one person and operated for their benefit?
What is the term for a business owned by one person and operated for their benefit?
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Study Notes
Business Structures
- A sole proprietorship does not allow for corporate tax rates.
Liability Protection
- A limited liability company (LLC) provides limited liability for its owners/members.
Business Terminology
- An undertaking or enterprise entered into for profit is referred to as a business.
Liability and Business Entities
- A sole proprietorship is a business entity that does not separate the business entity from the owner in terms of liability for debts.
Business Ownership
- A business owned by one person and operated for their benefit is referred to as a sole proprietorship.
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