Chateres 29. Which of the following is a common fature of proprictorship, partnership, and corporation? a. Separnte legil entity b. Mutual agency c. Limited liability d. Legal form of business e. Double taxation of income 30. Which of the following is the legal chancteristic of a corporation which states fhat owners cannot lose more than their investment? a. Mutunl egency b. Incorporation c. Limited linbility d. Separate legal eatity C. Double tuxition 31. Enie Miller wishes to start a business where be will be the sole owner. He wishes to choose the easiest form to start up and is not cegeemed about liability. Which of the following forms wonld be the best choice for B. aie? a. Propictorship b. Partnenhlip c. Corporation d. Co-operative society e. Non-profit organization 32. Which of the following is true of partnenhip? 2. A pertmenship is more dificicult to form than a corporation. b. A partnen hip must have at least three owners. c. Puthers are linble for the debts of the business. d. Patnenhip is subject to double taxation. e. Partnenhip can sell capital stock to nise moncy. 33. Which of the following is a dissdvantage of ineorporation? 2. A corportion cannot sell capital stock to raise money. b. The income of a corpontion is double taxed. c. Owners of corporations are liable for the butiness' debts. d. Corponations cease to exist when an owner passes sway. c. An owner must file for incorporetion in every tate in which it wishes to operate. 7