For each of the following scenarios, select an "X" under the applicable form of business in the space provided. a. The business is not making enough money to pay its bills. The owners do not have to make up the difference with their personal funds. b. Anna and Sui have owned their business together for 5 years. Anna dies. The business must be closed if they chose this form of business. c. An unincorporated business with five owners is a... d. The profits of Chi's business must be reported on her tax return. e. There is a lawsuit against a business, and there is not enough money to pay the claim. The owners only lose the amount they have invested into the business. Proprietorship Partnership Corporation
For each of the following scenarios, select an "X" under the applicable form of business in the space provided. a. The business is not making enough money to pay its bills. The owners do not have to make up the difference with their personal funds. b. Anna and Sui have owned their business together for 5 years. Anna dies. The business must be closed if they chose this form of business. c. An unincorporated business with five owners is a... d. The profits of Chi's business must be reported on her tax return. e. There is a lawsuit against a business, and there is not enough money to pay the claim. The owners only lose the amount they have invested into the business. Proprietorship Partnership Corporation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For each of the following scenarios, select an "X" under the applicable form of business in the space provided.
a. The business is not making enough money to pay its bills.
The owners do not have to make up the difference with their
personal funds.
b. Anna and Sui have owned their business together for 5
years. Anna dies. The business must be closed if they chose
this form of business.
c. An unincorporated business with five owners is a ...
d. The profits of Chi's business must be reported on her tax
return.
e. There is a lawsuit against a business, and there is not
enough money to pay the claim. The owners only lose the
amount they have invested into the business.
Proprietorship Partnership Corporation
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