The concept of separate legal entity is applicable to which of the following types of businesses? Sole Proprietorship Partnership Corporation All of the above
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The concept of separate legal entity is applicable to which of the following types of businesses?
- Sole Proprietorship
Partnership - Corporation
- All of the above
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- The economic entity assumption requires that the activities Select one: a. of a sole proprietorship cannot be distinguished from the personal economic events of its owners. b.of an entity be kept separate from the activities of its owner. c. of different entities can be combined if all the entities are corporations. d.must be reported to the Securities and Exchange Commission.Owners in which of the following forms of business have unlimited liability? a. sole proprietorships b. limited partnerships c. corporations d. LLCsWhich forms of business organization, ownership is readily transferable? a. Corporation b. Sole Proprietorship c. Limited Liability Company d. Partnership
- Explain common forms of business ownership—soleproprietorship, partnership, and corporation—and demonstrate how they differ in terms of their pre-sentation in the statement of financial position.If a sole proprietorship is the current business structure, what are the benefits and drawbacks of an LLC?Which of the following is NOT a form of ownership that the entrepreneur should consider? a. Sole proprietorship b. Limited partnership c. Corporation d. General partnership
- A business created as a distinct legal entity composed of one or more individuals or entities is known as a: Select one: a. None of the given answers is correct. b. Sole proprietorship c. Owner-managed entity d. PartnershipIdentify the business entity form that does not provide limited liability for its owners. a. limited liability company b. Subchapter S corporation c. sole proprietorship d. limited partnershipDiscuss how does the growth and scalability of a sole proprietorship compare to other forms of business?
- Which business organization has the most legal formality requirements? a. Corporation b. Partnership c. Joint Ventures d. Sole proprietorshipDistinguish between corporations and sole proprietorshipsin terms of the following characteristics:a. Owners’ liability for debts of the business.b. Transferability of ownership interest.c. Continuity of existence.d. Federal taxation on income.Which type of financial structure primarily involves one person owning a business? Group of answer choices Partnership Corporations Sole Proprietorship Limited Partnership