Which of the following is true of a sole proprietorship and a partnership? а. In a partnership, income is exempted from tax up to $10 million, whereas, in a corporation, income is taxed twice. O b. In both forms, owners have unlimited liability. In a partnership, partners have unlimited liability, whereas, in a sole proprietorship, O C. the owner has limited liability. d. Income from both forms of organizations is double-taxed.
Which of the following is true of a sole proprietorship and a partnership? а. In a partnership, income is exempted from tax up to $10 million, whereas, in a corporation, income is taxed twice. O b. In both forms, owners have unlimited liability. In a partnership, partners have unlimited liability, whereas, in a sole proprietorship, O C. the owner has limited liability. d. Income from both forms of organizations is double-taxed.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Which of the following is true of a sole
proprietorship and a partnership?
O a. In a partnership, income is exempted from
tax up to $10 million, whereas, in a
corporation, income is taxed twice.
b. In both forms, owners have unlimited
liability.
In a partnership, partners have unlimited
liability, whereas, in a sole proprietorship,
OC.
the owner has limited liability.
d. Income from both forms of organizations is
double-taxed.
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