Complete the following table with either a yes or no regarding the attributes of a sole proprietorship. partnership, corporation, and limited liability company (LLC). QS 1-5 Identifying attributes of businesses C2 Attribute Present Sole Proprietorship Partnership Corporation LLC 1. Business taxed 2. Limited liability 3. Legal entity
Complete the following table with either a yes or no regarding the attributes of a sole proprietorship. partnership, corporation, and limited liability company (LLC). QS 1-5 Identifying attributes of businesses C2 Attribute Present Sole Proprietorship Partnership Corporation LLC 1. Business taxed 2. Limited liability 3. Legal entity
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 35P
Related questions
Question
Can you do 1-5 QS for me ?
Expert Solution
Step 1
Solution
Concept
Sole proprietorship business is a business which is owned and controlled by a single person
Partnership business is a business run by 2 or more people
Corporation is a company which is registered as a separate legal entity with limited liability
LLC stands for limited liability company
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:
9781285866307
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:
9781285866307
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:
9781337119207
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning