Homework Answers
ANSWER:
T = true, F = false
| Proprietorship | Partnership | Publicity traded corporations | |
| Owners have limited liability. | F | F | T |
| Records of the business are combined with the personal records of the owner or owners. | T | F | F |
| Required to follow IFRS, | F | F | T |
| Pays income taxes on its profits, | T | T | T |
| Owners are called "shareholders." | F | F | T |
| Will have more than one owner. | F | T | T |
| Has a limited life. | T | T | F |
| Has a separate legal existence from its owners. | F | F | T |
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