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Forms of business organizations Aa Aa Businesses can

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Forms of business organizations Aa Aa Businesses can

 

. Forms of business organizations Aa Aa Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, a limited liability company (LLC), and a limited liability partnership (LLP)

Different forms of businesses have different characteristics. Which of the following characteristics would apply to a corporation? Check all that apply

Owners have limited liability

Owned by single individua

Exempt from double taxation

Easier to transfer ownership in the form of stock

X Chartered by a state and is its own entity separate from its owners

xl Has unlimited life 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 proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership Business Scenario Type of Business Caesar, the CEO of a beverage company, is required to certify the accuracy of information provided in the company’s quarterly reports Rafael started a business, based in a different state, with his uncle. Due to the business’s underperformance, they had to close the business Rafael, however, ended up losing his house due to a litigation claim Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liability and file taxes based on individual income Andrew started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Andrew had to shut down his business and lost all his personal assets in the process Corporation LLC/LLP LLC/LLP LLC/LLP

 

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Forms of business organizations Aa Aa Businesses can

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Forms of business organizations Aa Aa Businesses can

 

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