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Questions and Answers
What does having a business name not do?
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?
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?
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?
What term is often used colloquially to refer to a company?
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What can creditors do if a business acquires debts?
What can creditors do if a business acquires debts?
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