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NASCLA Business Law and Management Exam Quiz with complete solutions |Latest 2024/2025

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Sole Proprietorship ️ a business owned and managed by a single individual Simplest form to set up unlimited Liability Partnerships ️ Business organizations in which two or more persons share responsibilities, costs, profits, and losses. C Corporations ️ Corporations that have no restrictions on who owns their shares or the number of shareholders; they cannot qualify for subchapter S tax treatment and are subject to direct taxation S corporation ️ A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships No more than 100 shareholders FILING IRS FORM 2553 Limited liability company ️ A business organization in which the business (not the owner) is liable for the company's debts joint venture ️ an agreement between two or more companies to share a business project

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