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types of business

chapter 22-1

QuestionAnswer
what is sole proprietorship? A type of enterprise that is owned by one person and there is no legal distinction between the owner and the business entity
why is unlimited liability a disadvantage for a business owner? They are responsible for all debts and damages that occur when doing business
what are three advantages of a partnership? 1)two or more heads are better than one 2)your business is easy to establish and start-up costs are low 3)there is opportunity for income splitting, an advantage of particular importance due to resultant tax savings
under limited liability, who is responsible for the debts of a corporation? The stockholders of the corporation
how are corporations subject to double taxation?
Created by: EmilieJohnson
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