5 Questions
What does having a business name imply?
The business owner is liable for business debts
What is the difference in taxation between a business and a corporation?
The proprietor of a business is personally taxed on all income
What is a distinctive feature of corporations compared to sole proprietors and partnerships?
Corporations provide limited liability for their owners
What can creditors do if a sole persons business acquires debts?
They can claim the owner's personal possessions
What is one common usage of the term 'business'?
It is used colloquially to refer to a company
Test your knowledge on business ownership and liability with this quiz. Explore the importance of business names and understand the responsibilities that come with owning a business.
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