IUPUI X100 Exam 2: Complete Q&A with Verified Solutions-2025/2026

Sole Prioprietorship - a business owned and managed by a single individual Partnership - a business organization owned by two or more persons who agree on a specific division of responsibilities and profits Corporation - A business owned by stockholders who share in its profits but are not personally responsible for its debts Types of partnerships - general, limited, limited liability The types of partnerships that do not limit liability - Limited partners invest in the business for financial returns and are not responsible for its debts and liabilities. Shared characteristics of S-corporations and C-corporations - Both types of corporations allow for their own shareholders and ownership setup. S Corps and C Corps alike are incorporated the same way, as well as issue stock and adopt bylaws. Both S Corps and C Corps have boards of directors with directors and officers and file annual reports.