"Distinguishing business organizations C4 The following describe several different business organizations. Determine whether each description best refers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC)| a. Micah and Nancy own Financial Services, which pays a business income tax. Micah and Nanc do 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. C. IBC Services does not have separate legal existence apart from the one person who owns it.

"Distinguishing business organizations C4 The following describe several different business organizations. Determine whether each description best refers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC)| a. Micah and Nancy own Financial Services, which pays a business income tax. Micah and Nanc do 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. C. IBC Services does not have separate legal existence apart from the one person who owns it.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter15: Taxing Business Income

Section: Chapter Questions

Problem 30P

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