Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Forms of business organizations Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, and an income trust. Different forms

image text in transcribed

2. Forms of business organizations Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, and an income trust. Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Taxed at individual level Legal arrangement between two or more people Income is allocated according to the legal agreement Created by provincial and federal laws and is its own entity separate from its owners Can easily raise large amounts of capital Subject to unlimited liability classify it as a proprietorship, a partnership, a corporation, an income trust, or a limited liability partnership (LLP)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Decentralized Finance How DeFi Is Changing The Future Of Money

Authors: Rhian Lewis

1st Edition

1398609390, 978-1398609396

More Books

Students also viewed these Finance questions