ARE 5.0 Practice Management Exam 2023 Passed

ARE 5.0 Practice Management Exam 2023 Passed Sole Proprietorship The business is owned by an individual General Partnership Two or more people (general partners) share in the management, profits and risk of the business Limited Partnership Has at least one general partner (invests in the business, manages it and are financially responsible for it) and at least one limited partner (investor who receives a portion of the profits but has no say in the management of the company) C Corporation An association of individuals (stockholders, directors and officers) that exists as a legal entity apart from its members Stockholders Owners of the corporation in proportion to the number of shares they own Directors Have the fiduciary duty to act in the best interest of the stockholders and are responsible for broad policy decisions Officers Carry out the day-to-day management of the corporation S Corporation A corporation that chooses to allocate it's income and losses directly to shareholders in proportion to their holdings. Limited to small business corporations with less than 100 shareholders. Professional Corporation Similar to other corporations except that liability for malpractice is limited to the person responsible for the