Business Ownership and Liability Quiz
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Questions and Answers

What does having a business name not do?

  • Protect the owner from business debts (correct)
  • Separate the business entity from the owner
  • Impact the liability of the owner
  • Change the taxation system for businesses

    • What is the taxation system for businesses?

  • Involves personal taxation for the proprietor (correct)
  • Is the same as that for corporates
  • Allows for corporate tax rates
  • Does not impact the proprietor's personal tax

    • What do corporations provide for their owners/members?

  • Personal tax exemptions
  • Unlimited liability
  • Sole proprietorship status
  • Limited liability (correct)

    • What term is often used colloquially to refer to a company?

    <p>Corporation</p> Signup and view all the answers

    What can creditors do if a business acquires debts?

    <p>They can go after the owner's personal possessions</p> Signup and view all the answers

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