The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt.
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The following describe several different business organizations. Determine whether each description best
refers to a sole proprietorship (SP),
for business debt.
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- The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). Jeffy Auto is a separate legal entity from its owner, but it does not pay a business income tax.The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). AJ Company pays a business income tax and has two owners.The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). Trent Company is owned by Trent Malone, who is personally liable for the company’s debts.
- Which type of business organisation has a separated legal entity from its owners, and the owners are not liable for the debt of the business? Select one: A. Limited company B. Company C. Partnership D. Sole proprietorshipWhen operating as a proprietary business, which of the following is true? Select one: a. All debt in the business may or may not be the responsibility of the owner which will depend on accounting policies b. All the business debt is not the responsibility of the owner because they are separate entities c. It is common practice to keep the business and personal records together because the owner and the business are considered as one d. All the business debt is considered as the owners debtThe following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.
- The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). IBC Services does not have separate legal existence apart from the one person who owns it.Listed below are several statements regarding different forms of business organization. For each statement, indicate if that statement is true or false for each proprietorship and partnership.(a)Owners have limited liability.(b)Records of the business are combined with the personal records of the owner or owners.(c)Required to follow IFRS.(d)Pays income taxes on its profits.(e)Owners are called "shareholders."(f)Will have more than one owner.(g)Has a limited life.(h)Has a separate legal existence from its owners.The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). Micah and Nancy own Financial Services, which pays a business income tax. Micah and Nancy do not have personal responsibility for the debts of Financial Services.
- A limited liability company's profits are “passed through” to its members. Those members pay Group of answer choices only personal income taxes. only business income taxes. no income taxes. both personal and business income taxes.Is a mutiple question: Question : Accounting for the day-to-day activities for a Partnership or Limited Liability Corporation (LLC) is generally: Group of answer choices 1. the same as the accounting for a sole proprietorship only 2. the same as the accounting for any other form of business 3. is not the same as the accounting for any other form of business 4. the same as the accounting for a corporation onlyWhich of the following is true of a "Subchapter S Corporation"? The corporation is subject to double taxation. O The company is not really a corporation so it is not a separate entity from the stockholders and does not file a tax return. The owners' personal assets are protected from customers and creditors. O Tax on the business income of the company is paid only by the business. O Owners of the equity of this business are called "debtors".