BUSFIN 4215 Final Exam Actual
Questions and Answers 2026
Sole Prioprietorship -
correct answer ✅- taxed based on personal income
(schedule C)
- can write off where you perform business and how
- unlimited liability
C Corporation -
correct answer ✅double taxation (corporate tax and
dividend tax)
- not personally liable
corporate veil -
correct answer ✅the legal entity between the shareholders
and corporate creditors
- it is a legal entity that pays taxes, therefore it can be sued
Piercing the Corporate Veil -
correct answer ✅individual can be sued in a corporation for
reasons such as fraud
general partnership -
correct answer ✅- each partner is equally liable
, BUSFIN 4215 Final Exam Actual
Questions and Answers 2026
-EX: lawyers or doctors
limited partnership -
correct answer ✅- general partner assumes liability for the
business
- limited partner is liable for the amout of capital the contributed
S corporation -
correct answer ✅- corporation that is taxed like a
partnership
- one class of stock
- less than 75 shareholders
- no personal liability
LLC -
correct answer ✅- has tax beneifts of a partnership and
liability protection of a corporation
- have members instead of shareholders
- no stock
Questions and Answers 2026
Sole Prioprietorship -
correct answer ✅- taxed based on personal income
(schedule C)
- can write off where you perform business and how
- unlimited liability
C Corporation -
correct answer ✅double taxation (corporate tax and
dividend tax)
- not personally liable
corporate veil -
correct answer ✅the legal entity between the shareholders
and corporate creditors
- it is a legal entity that pays taxes, therefore it can be sued
Piercing the Corporate Veil -
correct answer ✅individual can be sued in a corporation for
reasons such as fraud
general partnership -
correct answer ✅- each partner is equally liable
, BUSFIN 4215 Final Exam Actual
Questions and Answers 2026
-EX: lawyers or doctors
limited partnership -
correct answer ✅- general partner assumes liability for the
business
- limited partner is liable for the amout of capital the contributed
S corporation -
correct answer ✅- corporation that is taxed like a
partnership
- one class of stock
- less than 75 shareholders
- no personal liability
LLC -
correct answer ✅- has tax beneifts of a partnership and
liability protection of a corporation
- have members instead of shareholders
- no stock
