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
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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
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- 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 helpWhich 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 clear solnWhich 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 partnershipsexplain.
- Which of the following is not true of a corporation? A corporation has easy transferability of ownership. A corporation has the ability to raise large amounts of capital. A corporation is taxed separately from its owners. The owners of a corporation have unlimited liabilityWhich of the following is not an advantage of a corporation? O Double taxation Continuous life Transferable ownership rights Limited liability1.Which of the following statements is true about a Subchapter S corporation? It is taxed like a partnership It is organized and operates like a partnership It is organized and operates like a limited partnership It is taxed like a publicly held corporation
- Select the best term for each definition below. Definitions Terms a. Shareholders can lose no more than the amount they invest in the company. b. Corporate earnings are taxed twice—at the corporate level and individual shareholder level. c. Like an S corporation, but there are no limitations on the number of owners as in an S corporation. d. Traces the line of authority within the corporation. e. Allows for legal treatment as a corporation, but tax treatment as a partnership. f. Has stock traded on a stock exchange such as the New York Stock Exchange (NYSE). g. The first time a corporation issues stock to the public. h. Describes (a) the nature of the firm’s business activities, (b) the shares to be issued, and (c) the composition of the initial board of directors.A C corporation can be described as: (a) A business that is separate and distinct from its owners, allowing the owners to conduct business while limiting their personal liability. (b) A business association defined by federal statute. (c) A legal entity that has more than one shareholder. (d) A type of corporation where owners have limited liability, and income, expenses, and deductions flow through to the shareholders and are taxed only at the shareholder level.Which of the following describes when a corporation pays income tax on its profits, and when the corporation distributes the after-tax profits as dividends, the shareholders may tax on the dividends? Multiple Choice Shareholder taxation International double taxation Federal income taxation Double taxation
- Which of the followings does not represent an advantage of ownership of a corporation compared to that of a sole proprietorship? Which of the followings does not represent an advantage of ownership of a corporation compared to that of a sole proprietorship? It is easier for owners of a corporation to transfer their ownership than that of a sole proprietorship. Corporations are not subject to double taxation. The owners of a corporation have limited liability for the firm's debts. The corporation has an unlimited life.1. List and describe the four corporate characteristics. 2. Give an example of pass-through taxation and double taxation. Which characteristics does a sole proprietorship or partnership have and how are they taxed? 3. 4. Which of the corporate characteristics does an S-corporation have and how are they taxed? 5. What limitations are S-corporations subject to? 6. Which corporate characteristics does a Limited Liability Company Have and how are they taxed? 7. Discuss the agency problem between the firm's owners and the firm's managers. How can the firms' owners minimize this agency problem?Why would a corporation purchase the stock of another corporation? a. To prevent double taxation of its shareholders b. Because dividends received by a corporation are partially tax-exempt c. It is equivalent to a tax carried forward d. It is equivalent to a tax carried back