Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company.
Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company.
| Description | Business Organization | |
|---|---|---|
| a. | Raymond and Amy own Security Services. The business is not a separate legal entity. | |
| b. | Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt. | |
| c. | Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business. | |
| d. | Lannister owns Wealth Management. The business is a separate legal entity and pays an additional business income tax. | |
| e. | Oscar, Angela, and Kevin own Accounting Solutions. The business has an indefinite life and pays an additional business income tax. | |
| f. | Ownership of Zander Company is divided into 1,000 shares of stock. The company pays a business income tax. | |
| g. | Russell is the sole owner of Wilson Sports. The business is not a separate legal entity from Russell and the business ends with his death. | |
| h. | Trent Company is owned by Trent Malone, who is personally liable for the company's debts. |
Homework Answers
a. Partnership
b. Sole proprietorship
c. Partnership
d. Corporation
e corporation.
f. Limited liability company
g. Sole proprietorship
h. Sole proprietorship
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Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company.
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