Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following describe several different business organizations. Determine whether the description refers to a sole proprietorship, partnership, or corporation. A-1 pays its own income taxes

image text in transcribed

The following describe several different business organizations. Determine whether the description refers to a sole proprietorship, partnership, or corporation. A-1 pays its own income taxes and has two owners. Ownership of Zeller Company is divided into 1,000 shares of stock. Waldron is owned by Mary Malone, who is personally liable for the company's debts. Micah Douglas and Nathan Logan own Financial Services, a financial services provider. Neither Douglas nor Logan has personal responsibility for the debts of Financial Services. Bailey and Kay own Squeaky Clean, a cleaning service. Both are personally liable for the debts of the business. Plasto Products does not pay income taxes and has one owner. Ian LLC does not have separate legal existence apart from the one person who owns it

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

Students also viewed these Accounting questions

Question

Explain why this is true (no calculations are needed).

Answered: 1 week ago