Question 1

Which type of entity could possibly file any of the following forms? -1- Form 1040. -2- Form 1065. -3- Form 1120S.

A. Partnership B. Limited Partnership C. Proprietorship D. LLC

Question 2

Which entity will meet the following requirements? -1- Unlimited number of owners. -2- Limited liability. -3- Self-employment tax on all income

A. Proprietorship B. Partnership C. LLC D. S Corporation

Question 3

Which entity will meet the following requirements? -1- Availability of preferred returns for certain investors. -2- Considers loans from third parties in basis of owners. -3- Limited liability

A. Partnership B. LLC C. S Corporation D. C Corporation

Question 4

Excess distributed income over reasonable compensation: -1- is treated as self-employment income in a LLC. -2- is treated as dividend income in a S corporation.

A. 1 Only. B. 2 Only. C. Both 1 and 2. D. Neither 1 nor 2