QUESTION 21

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   1. 2. 3. 4. 5.	What type of business entity generally may be formed without filing an organizational document or certificate with a state government agency or office?
   1. 2. 3. 4. 5.	What business entity can be dissolved and terminated voluntarily without filing a dissolution document with the state of organization?
   1. 2. 3. 4. 5.	What type of business entity does not require the approval of the state in which the entity is formed?
   1. 2. 3. 4. 5.	What type of business entity is the most similar to a joint venture?
   1. 2. 3. 4. 5.	In which type of business entity is income taxes sometimes required to be paid by the entity on profits earned as well as by the owners upon distribution thereof?
   1.2. 3. 4. 5.	Aside from C corporations, which type of business entity is the entire ownership interest most freely transferable?
   1. 2. 3. 4. 5.	What type of business entity, if the same since its inception, is recognized for federal income tax purposes as a taxable entity?
   1. 2. 3. 4. 5.	Aside from a limited liability company and a corporation, which type of business entity must file a copy of its certificate with the proper state authorities?
   1. 2. 3. 4. 5.	Two individuals are planning to form a business with equal ownership. The individuals would like to limit their personal liability, avoid double taxation, and be active in the business. What type of business entity would meet their requirements?
   1. 2. 3. 4. 5.	Which of the following parties generally has the most management rights: a minority shareholder in a corporation, a limited partner in a general partnership, a member of a limited liability company, or a limited partner in a limited partnership?

Answers

1. A Subchapter C Corporation

2. A Subchapter S Corporation

3. A General Partnership

4. A Limited Partnership

5. A Limited Liability Company