anwser D E F G H "Distinguishing business organizations C4The following describe several different business organizations. Determine whether eachdescription best refers to a sole proprietorship (SP), partnership (P), corporation (C), or limitedliability company (LLC)|a.Micah and Nancy own Financial Services, which pays a business income tax. Micah and Nancdo not have personal responsibility for the debts of Financial Services.b.Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debt:of the business.IBC Services does not have separate legal existence apart from the one person who owns it.d.Trent Company is owned by Trent Malone, who is personally liable for the company's debts.Ownership of Zander Company is divided into 1,000 shares of stock. The company pays abusiness income tax.f.Physio Products does not pay income taxes and has one owner. The owner has unlimitedliability for business debt. AJ Company pays a business income tax and has two owners.h.Jeffy Auto is a separate legal entity from its owner, but it does not pay a business income tax."

Trent Company is owned by Trent Malone, who is personally liable for the company's debts Ownership of Zander Company is divided into 1,000 shares of stock. The company pays a business income tax. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt.

Trent Company is owned by Trent Malone, who is personally liable for the company's debts Ownership of Zander Company is divided into 1,000 shares of stock. The company pays a business income tax. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 41P

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