MGMT 311 FINAL EXAM 2026/2027 | ALL
QUESTIONS AND CORRECT ANSWERS | GRADED A+ |
LATEST VERSION | 100% VERIFIED ANSWERS.
Terms in this set (174)
Sole Proprietorship a _________ ________ is the simplest form of business where
the owner is the business. The owner reports his/her personal
income tax return and is legally responsible for all debts and
obligations incurred by the business
Partnership An agreement by two or more persons to carry on, as co-owners, a
business for profit is called a ______________
Limited Partnership a _______________ _____________ is one consisting of one or
more general partners (who manage the business and are liable
to the full extent of their personal assets for debts of the
partnership) and one or more limited partners (who contribute
only assets and are liable only to the extent of their contributions)
,LLC (limited liability company) a ______________ ___________ ____________ is a hybrid form
of business enterprise that offers the limited liability of the
corporation but the tax advantages of a partnership
a _______________ is a legal entity formed in compliance with statutory
Corporation requirements. The entity is distinct from its shareholders/owners
, Corporation 4 things
Method of Creation- Authorized under _________ laws under the
states corporation laws
Liability- ________ liability of shareholders, shareholders
_____ liable for the debts of the corporation
Management- Shareholders ______ directors who set policy
and and appoint officers
Taxation- ___________ ____________- corporation pays
income tax on net profit, no exclusion for dividends, and
statutory, limited, not, then shareholders pay income tax on the disbursement of
elect, double taxation dividends that they receive
QUESTIONS AND CORRECT ANSWERS | GRADED A+ |
LATEST VERSION | 100% VERIFIED ANSWERS.
Terms in this set (174)
Sole Proprietorship a _________ ________ is the simplest form of business where
the owner is the business. The owner reports his/her personal
income tax return and is legally responsible for all debts and
obligations incurred by the business
Partnership An agreement by two or more persons to carry on, as co-owners, a
business for profit is called a ______________
Limited Partnership a _______________ _____________ is one consisting of one or
more general partners (who manage the business and are liable
to the full extent of their personal assets for debts of the
partnership) and one or more limited partners (who contribute
only assets and are liable only to the extent of their contributions)
,LLC (limited liability company) a ______________ ___________ ____________ is a hybrid form
of business enterprise that offers the limited liability of the
corporation but the tax advantages of a partnership
a _______________ is a legal entity formed in compliance with statutory
Corporation requirements. The entity is distinct from its shareholders/owners
, Corporation 4 things
Method of Creation- Authorized under _________ laws under the
states corporation laws
Liability- ________ liability of shareholders, shareholders
_____ liable for the debts of the corporation
Management- Shareholders ______ directors who set policy
and and appoint officers
Taxation- ___________ ____________- corporation pays
income tax on net profit, no exclusion for dividends, and
statutory, limited, not, then shareholders pay income tax on the disbursement of
elect, double taxation dividends that they receive
