3 Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply.Legal arrangement between two or more peopleIncome is allocated on a pro rata basisSubject to unlimited personal liabilityTaxed at individual levelChartered by a state and is its own legal entity separate and distinct from its owners and managersCan easily raise large amounts of capitalYou come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business,classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership.Business ScenarioType of BusinessAndrew founded and operated a wedding planning agency, which specialized in celebrityweddings. When he died, his business was dissolved because there wasno plan for controlafter his death.Purple Consulting has five consultants in the firm. The company's annual revenue isaround $500,000. Income is distributed among all consultants, and each is personallyliable for claims if the company goes under.DDX Co. is a shipping company. Caesar owned 1,000 shares of DDX stock. He foundbetter opportunities and sold his entire stake in DDX to another investor.Caesar, Rafael, and Jose own an accounting firm in San Francisco. All share in the profitsof the firm proportionately and file taxes at an individual level. According to theiragreement, none of the owners will be held personally liable for the accounting firm'sdebt.

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Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply. Legal arrangement between two or more people Income is allocated on a pro rata basis Subject to unlimited personal liability Taxed at individual level Chartered by a state and is its own legal entity separate and distinct from its owners and managers Can easily raise large amounts of capital

Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply. Legal arrangement between two or more people Income is allocated on a pro rata basis Subject to unlimited personal liability Taxed at individual level Chartered by a state and is its own legal entity separate and distinct from its owners and managers Can easily raise large amounts of capital

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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