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- Owners have no personal liability under which legal business structure? A. a corporation B. a partnership C. a sole proprietorship D. There is liability in every legal business structure.Which of the following are limited liability entities? A. General partnership B. General liability company C.sole proprietorship D. S corporationOwners enjoy limited liability in a a) partnership b) corporation c) sole proprietorship d) proprietorship
- Which of the following categories of owners have unlimited liability? Select one: a. both A and B b. sole proprietors c. shareholders of a corporation d. general partners in a limited partnershipGive typing answer with explanation and conclusion Which of the following entities does not have limited liability? Select one: a. General partnership. b. LLC taxed as a disregarded entity. c. S corporation. d. All of the above have limited liability.TRUE or FALSE The accounting for partnerships differs from the accounting for sole proprietorships, corporations and cooperatives in regard to the accounting for equity but not for assets and liabilities.
- Unlimited liability is faced by the owners of: a) C-Corporations (C-Corps) b) S-Corporations (S-Corps) c) Partnerships d) (a) and (c) e) (b) and (c) f) Sole Proprietorships g) (c) and (f) h) (b), (c), and (f) i) None of the above.How the limited liability partnership is differs to a limited liability company?In terms of ownership, legal position, obligations, lifespan, regulation, availability of capital, taxes and transfer a corporation differs from a partnership.
- Distinguish the difference between Limited Liability Corporation vs Limited Liability Partnership.Which of the following is a reason to use a partnership as the legal form of a business? A. Partnerships avoid the difficulty of raising capital. B. Partnerships avoid the issue of mutual agency. C. Partnerships avoid the issue of double-taxation faced by corporations. D. Partnerships avoid the issue of unlimited liability.In a limited liability company, profits are taxed as a partnership. True False