5 Questions
What does the term 'business' refer to?
The practice of making a living through production or trade
How does having a business name impact the owner's liability?
The owner is responsible and liable for the business's debts
How are businesses and corporations taxed differently?
Businesses are personally taxed on all income, while corporations have corporate tax rates
What distinguishes corporations from sole proprietors and partnerships?
Corporations provide limited liability for their owners/members
How does the text define the term 'business' colloquially?
As a company, such as a corporation or cooperative
Test your knowledge of business ownership and liability with this quiz. Explore the concept of business as an activity for profit and the legal implications of business names.
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