Complete the following table with either a yes or no regarding the attributes of a proprietorship, partnership, corporation, and limited liability company (LLC). Attribute PresentProprietorshipPartnershipCorporationLLC1. Business taxed2. Limited liability3. Legal entity .9 |||||

Partnership refers to a formal agreement between two or more persons for operating and managing a…

Answered: Attribute Present Proprietorship…

Attribute Present Proprietorship Partnership Corporation LLC 1. Business taxed 2. Limited liability 3. Legal entity . 9 ||| ||

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 11DQ

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Question

Complete the following table with either a yes or no regarding the attributes of a proprietorship, partnership, corporation, and limited liability company (LLC).

Attribute Present
Proprietorship
Partnership
Corporation
LLC
1. Business taxed
2. Limited liability
3. Legal entity .
9 |||
||

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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