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Questions and Answers
What does having a business name imply?
What does having a business name imply?
- The business is exempt from personal liabilities
- The business is a separate legal entity
- The business has a corporate tax rate
- The business owner is liable for business debts (correct)
What is the difference in taxation between a business and a corporation?
What is the difference in taxation between a business and a corporation?
- Corporations are not taxed
- Businesses pay corporate tax rates
- Corporations pay personal tax rates
- The proprietor of a business is personally taxed on all income (correct)
What is a distinctive feature of corporations compared to sole proprietors and partnerships?
What is a distinctive feature of corporations compared to sole proprietors and partnerships?
- Corporations provide limited liability for their owners (correct)
- Corporations are taxed on personal income
- Corporations are not liable for debts
- Corporations do not have a separate legal entity
What can creditors do if a sole persons business acquires debts?
What can creditors do if a sole persons business acquires debts?
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What is one common usage of the term 'business'?
What is one common usage of the term 'business'?
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