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17 Jul 2019

What is a sole proprietorship?

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Nelly Stracke
Nelly StrackeLv2
19 Jul 2019
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Related questions

Which of the following is an advantage of a sole proprietorship?

a) It is easy to expand if it succeeds.

b) It faces few government rules.

c) It is easy to get financing to start one.

d) It has the lowest federal income taxes.

In a sole proprietorship, the profits earned by the business are:
 
A. taxed as income for the business, but exempt from the personal income tax paid by the owner.
 
B. taxed at the lowest corporate rate.
 
C. the property of the owner, except for taxes owed to the government.
 
D. tax-free if the appropriate exemption is filed with the local government.

Partnerships refer to more than one owner. A limited partnership ______________.
a) consists of general partners and limited partners, at least one of each
b) is a shadow firm for a much larger corporation. It is like a shell company to dispose of risky assets
c) is taxed similar to a corporation, whereas a general partnership is taxed like a sole proprietorship
d) is limited by the number of partners allowed. There can only be a total of 10 partners actively involved in the business

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