Which of the following is a characteristic of a corporation?A) Unlimited liability for its ownersB) Owners are personally responsible for the corporation's debtsC) Ownership is easily transferable through the sale of stockD) Corporations are taxed at lower rates than partnerships Need help

Which of the following is a characteristic of a corporation?A) Unlimited liability for its ownersB) Owners are personally responsible for the corporation's debtsC) Ownership is easily transferable through the sale of stockD) Corporations are taxed at lower rates than partnerships Need help

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation

Section: Chapter Questions

Problem 26DQ

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Question

Which of the following is a characteristic of a corporation?
A) Unlimited liability for its owners
B) Owners are personally responsible for the corporation's debts
C) Ownership is easily transferable through the sale of stock
D) Corporations are taxed at lower rates than partnerships

Need help

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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