LEGL Test #4 Questions with Correct Answers Latest Update 2025
Course:
LEGL 2700
Institution:
LEGL 2700
LEGL Test #4 Questions with Correct Answers Latest Update 2025
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| Uploaded on: | April 28, 2025 |
| Last updated: | April 30, 2025 |
| Number of pages: | 49 |
| Written in: | 2025/2026 |
| Type: | Exam (elaborations) |
| Contains: | Questions & Answers |
| Tags: | LEGL Test #4 Questions with Correct Answers Latest Update 2025 |
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LEGL Test #4 | Q&A Latest 2025/2026 | 100% PASS Sole Proprietorship - Answer -a business owned and managed by a single individual Sole Proprietorship duration - Answer -Determined by owner; automatically dissolved on owner's death sole proprietorship liability - Answer -unlimited liability - puts personal money and belongings at risk sole proprietorship tax - Answer -personal taxes - earnings taxed as personal income partnership - Answer -a business organization owned by two or more persons who agree on a specific division of responsibilities and profits partnership duration - Answer -The agreement may specify the duration of the partnership in terms of a date or the completion of some undertaking or death of any of the partners partnership liability - Answer -Joint and several liability - If the partnership is sued, all can be sued or just one can be sued for the whole amount Partnership Taxation - Answer -all business income subject to personal taxation, divided equally - individual filing
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