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- Which business entity could have common stock authorized? O A. a sole proprietorship O B. a partnership O C. a limited liability company O D. a corporation O E. All of the above could theoretically have common stock authorized.Who is liable for a corporation's debts and obligations? OA. the limited partners OB. the general partners OC. the corporation OD. the registered agent OE. the shareholdersDistinguish between corporations and sole proprietorshipsin terms of the following characteristics:a. Owners’ liability for debts of the business.b. Transferability of ownership interest.c. Continuity of existence.d. Federal taxation on income.
- Which forms of business organization, ownership is readily transferable? a. Corporation b. Sole Proprietorship c. Limited Liability Company d. PartnershipDifferentiate between S and C corporations.Which financial instrument represents ownership in a corporation and entitles the holder to a share of the companys profits? a. Bond b. Preferred Stock c. Common Stock d. Debenture
- Prepare a summary of the effects of the TCJA on the following entity types: S Corp, C Corp, LLC, and Partnership as it relates to corporate taxationCharacteristics of a corporation include a.shareholders who are mutual agents b.direct management by the shareholders (owners) c.shareholders who have limited liability d.its inability to own propertyDefine closely held corporation
- Differentiate between closely held and publicly owned corporations.Which of the following is a characteristic of a corporation?a. No income taxb. Limited liability of stockholdersc. Mutual agencyd. Both b and cThe economic entity assumption requires that the activities Select one: a. of a sole proprietorship cannot be distinguished from the personal economic events of its owners. b.of an entity be kept separate from the activities of its owner. c. of different entities can be combined if all the entities are corporations. d.must be reported to the Securities and Exchange Commission.