Determine if sole proprietorship, partnership, or corporation. Select all that is applicable between the three forms of business.
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- 4. Forms of business organizations Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply. O Subject to unlimited personal liability O Taxed at individual level O Chartered by a state and is its own legal entity separate and distinct from its owners and managers O Income is allocated on a pro rata basis O Legal arrangement between two or more people O Can easily raise large amounts of capital You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Business Scenario Type of Business Andrew founded and…FINANCING DECISIONS What are the advantages and examples of Internal Financing (at least 2 for Sole Proprietorship, Partnership and Corporation)? How does depreciation gives tax benefit?MC: Topic: Income Taxation The following defines taxation, except: * It is an inherent power of the state. It is an executive prerogative. It is a process of collecting contributions. It is mode of allocating government costs or burden to the people.
- Subject: Law on Partnership and Corporations 1. Distinguish between articles of incorporation and by-laws 2. What are the similarities between Corporation and Partnership. 3. What are some of the causes of vacancy in the office of director or trustee? How can the vacancy be filled up? 4. Discuss briefly the kinds of powers that a corporation can exercise. 5. What is an Ultra Vires act? How is it different from an illegal act? ExplainWhat guidelines must be followed to classify a transaction as associated with the principal of an estate or as an income transaction? Select one: a.The decedent's intentions or state laws b.Generally accepted accounting principles c.The Internal Revenue Code d.State estate laws e.Federal estate lawsThe first step in forming a sole proprietorship is filing out the appropriate paperwork and paying the necessary filing fees with the secretary of state in the state where the business will operate. True false S corporations and closed corporations' earnings are exempt from federal and state income taxes based on a commitment to reinvest in local communities. True false
- What is the legal form of your business? Is your businessa sole proprietorship, a partnership, or a corporation?What is the best definition of an S Corporation? A. Type of nonprofit that is not required to pay certain types of taxes B. Private-public corporation that meets certain requirements for tax exemption C. Type of for-profit business that also has a social mission D. Type of corporation with pass-through taxation on incomeFor federal income tax purposes, what term refers to the business entity not being a separate entity from the owners? This type of entity is not taxed but the owner(s) must record the earnings from the business on his/her individual income tax return. Group of answer choices pass-through entity non-profit entity election entity mutual entity
- Which of the following business entities, if any, pay income tax at the business entity level? Partnership O S Corporation O C Corporation O None of the aboveMC: Topic: Income Taxation Which of the following statements is not correct? * The “Benefit-Protection Theory” is the source of the “Doctrine of Symbiotic Relationship” while the Theory of Taxation is based on the Lifeblood Doctrine. The power to tax is unlimited, comprehensive, plenary and supreme that it can reach over into any jurisdiction to seize upon person or property. The Constitution grants exemption from income tax on its revenues and from real property tax on assets used actually, directly and primarily for educational purposes. Tax law can be imposed for a special purpose and not merely aimed at revenue collection. A person cannot object or resist the payment of taxes solely because no personal benefit to him can be pointed as arising from the tax.Provide a summary of how tax levies may be imposed on C or S Corporations. Provide a rationale for your responses.
