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

Sole Proprietorship - business owned and operated by one person (advantage: no double taxation) partnership - a voluntary agreement under which two or more people act as co-owners of a business for profit corporation - a legal entity that is separate and distinct from its owners (shields the owners from personal liability) (advantage: stock) General Partnership - partnership in which partners share equally in both responsibility and liability limited partnership - A partnership with one or more general partners and one or more limited partners (limited partners do less and have less liability). S corporation - A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships