4-1 Personal Finance

Which of the following is not one of the three types of business arrangements in the United States? Sole partnership
With a sole proprietorship, who pays the taxes? The owner
Which of the following would not be considered an advantage of a sole proprietorship? A proprietor is also responsible for his or her own health insurance.
What can a proprietor do to minimize personal risk and liability? Form a limited liability company
Why are partnerships often favored over corporations? A partnership structure eliminates the dividend tax levied upon profits realized by the owners.
What are the two types of partnerships? Linited and General
Which of the following would not be considered an advantage of partnership? Each general partner is deemed the agent of the partnership
As a generic legal term, ______ means any group of persons with a legal entity. Corporation
Who regulates a corporation? The government of the state, province, or national government with which it is registered.
Which of the following is not a legal characteristic of a corporation? Legal protection from law suits

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