ARE Practice Exam Questions & Answers 2024/2025
ARE Practice Exam Questions & Answers 2024/2025 Sole Proprietorship - ANSWERSThe business is owned by an individual General Partnership - ANSWERSTwo or more people (general partners) share in the management, profits and risk of the business Limited Partnership - ANSWERSHas 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 - ANSWERSAn association of individuals (stockholders, directors and officers) that exists as a legal entity apart from its members Stockholders - ANSWERSOwners of the corporation in proportion to the number of shares they own Directors - ANSWERSHave the fiduciary duty to act in the best interest of the stockholders and are responsible for broad policy decisions Officers - ANSWERSCarry out the day-to-day management of the corporation S Corporation - ANSWERSA 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 - ANSWERSSimilar to other corporations except that liability for malpractice is limited to the person responsible for the act.
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- June 16, 2024
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- 2023/2024
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- Exam (elaborations)
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