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ACCT Exam questions and answers Graded A+ corporation -limited liability of of the corporations stockholders meaning they are not held personal responsible for financial obligations of corporation. (stockholders can lose investment if company fails, bu
Preview 2 out of 5 pages
ACCT Exam questions and answers Graded A+ corporation -limited liability of of the corporations stockholders meaning they are not held personal responsible for financial obligations of corporation. (stockholders can lose investment if company fails, but cannot lose any of their personal assets.) sole proprietorship or partnership -owners forced to surrender personal assets to satisfy debts. Double taxation -Disadvantage of corporation. Company pays income taxes on income earned and then stockholders pay personal income taxes when company distributes that income as dividends. LLCS or LLP -does not pay taxes on profits, instead profits pass through to business owners and are tax
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