Which one of the following statements is correct?
a. A general partnership is legally the same as a corporation.
b. Income from both sole proprietorships and partnerships is taxed as individual income.
c. Partnerships are the most complicated type of business to form.
d. All business organizations have bylaws.
e. Only firms organized as sole proprietorships have limited lives.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Which one of the following statements is correct? a. A general partnership is legally the same as a corporation. b. Income from both sole ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Patagonia hires people who have a passion for something, even if their passion has nothing to do with Patagonia's products.
Answers (1)
Managerial accounting information a) tends to be different from business to business based on management needs. b) focuses on historical transactions excluding an budgets or forecasts for the future.
Answers (1)
An aging of a company's accounts receivable indicates that $8,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a a.
Answers (1)
Cash larceny involves stealing cash from an organization before it is recorded on the organization’s books and records. True or False?
Answers (1)
Dave bought a rental property for $490,000 cash. one year later, he sold it for $500,000. what was the percentage return on his $490,000 investment?
Answers (1)
New Questions in Business
The following are budgeted dа ta: January February March Sales in units 15,200 20,400 18,200 Production in units 18,200 19,200 17,100 One pound of material is required for each finished unit.
Answers (1)
All of the following are associated with reporting controllable costs except:a. At lower levels, management have fewer controllable costs. b. Lower-level managers are responsible for detailed costs and so receive detailed reports. c.
Answers (1)
Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes.
Answers (1)
Samantha, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Samantha sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Samantha's gain or loss from the sale? a.
Answers (1)
In a process cost system, the amount of work in process inventory is valued by a. allocating departmental costs between completed and partially completed units b. finding the sum of all completed jobs c.
Answers (1)