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Questions and Answers
Which business form offers limited liability to some partners?
Which business form offers limited liability to some partners?
- Sole Proprietorship
- Corporation
- Limited Liability Company (LLC)
- Partnership (correct)
Which business form combines aspects of a partnership and a corporation?
Which business form combines aspects of a partnership and a corporation?
- Limited Liability Company (LLC) (correct)
- Sole Proprietorship
- Corporation
- Partnership
Which business form allows for pass-through taxation similar to a partnership?
Which business form allows for pass-through taxation similar to a partnership?
- Limited Liability Company (LLC)
- Corporation
- S Corporation (correct)
- Partnership
Which business form is owned and operated by a single individual?
Which business form is owned and operated by a single individual?
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Which business form is a legal entity separate from its owners?
Which business form is a legal entity separate from its owners?
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Study Notes
Business Forms
- Limited liability partnerships (LLPs) offer limited liability to some partners, combining the benefits of partnership and corporation business forms.
Hybrid Business Form
- A limited liability company (LLC) combines aspects of a partnership and a corporation, providing flexibility and protection.
Taxation
- Limited liability companies (LLCs) allow for pass-through taxation, similar to a partnership, where business income is only taxed at the individual level.
Sole Proprietorship
- A sole proprietorship is a business form owned and operated by a single individual, who has unlimited personal liability and full control.
Corporation
- A corporation is a legal entity separate from its owners, providing limited liability protection and a more complex structure.
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