Business Ownership and Liability Quiz

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What does having a business name not do?

Impact the taxation system for businesses

Separate the business entity from the owner

Refer to a company, such as a corporation or cooperative

Protect the owner from debts incurred by the business (correct)

How are corporations different from sole proprietors and partnerships?

They provide limited liability for their owners/members (correct)

They are not considered separate legal entities

They are not allowed to acquire debts

They are not subject to taxation

What is the taxation system for businesses like?

The proprietor is not personally taxed on income from the business

It is the same as that of the corporates

It allows for corporate tax rates for all business structures

The proprietor is personally taxed on all income from the business (correct)

What does the term 'business' often refer to colloquially?

A company, such as a corporation or cooperative Signup and view all the answers

How does the business owner's liability differ from that of a corporation?

The owner is responsible and liable for debts incurred by the business Signup and view all the answers

What does having a business name not do?

Protect the owner's personal possessions from business debts Signup and view all the answers

What is the taxation system like for businesses?

It only taxes the proprietor on all income from the business Signup and view all the answers

How are corporations different from sole proprietors and partnerships?

They are not subject to corporate tax rates Signup and view all the answers

What does the term 'business' often refer to colloquially?

A company entered into for profit Signup and view all the answers

How does the business owner's liability differ from that of a corporation?

The owner's personal possessions are protected from business debts Signup and view all the answers

Business Ownership and Liability Quiz

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Questions and Answers

What does having a business name not do?

How are corporations different from sole proprietors and partnerships?

What is the taxation system for businesses like?

What does the term 'business' often refer to colloquially?

How does the business owner's liability differ from that of a corporation?

What does having a business name not do?

What is the taxation system like for businesses?

How are corporations different from sole proprietors and partnerships?

What does the term 'business' often refer to colloquially?

How does the business owner's liability differ from that of a corporation?

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