LEGL Test #4 | Q&A Latest 2024/2025 | 100% PASS
LEGL Test #4 | Q&A Latest 2024/2025 | 100% PASS Sole Proprietorship - Answer -a business owned and managed by a single individual Sole Proprietorship duration - Answer -Determined by owner; automatically dissolved on owner's death sole proprietorship liability - Answer -unlimited liability - puts personal money and belongings at risk sole proprietorship tax - Answer -personal taxes - earnings taxed as personal income partnership - Answer -a business organization owned by two or more persons who agree on a specific division of responsibilities and profits partnership duration - Answer -The agreement may specify the duration of the partnership in terms of a date or the completion of some undertaking or death of any of the partners partnership liability - Answer -Joint and several liability - If the partnership is sued, all can be sued or just one can be sued for the whole amount Partnership Taxation - Answer -all business income subject to personal taxation, divided equally - individual filing
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