Homework Answers
10.False since they have nothing to do with personal tax returns.
5.True since C corp gets taxed at both corporate and personal level.
1. False. Sole proprietorship has unlimited liability.
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QUESTION 10 A stockholder in an S-Corp receives an informational form from the corporation which is...
QUESTION 4 All partners regardless of their contribution to the firm have an equal voice in...
QUESTION 4 All partners regardless of their contribution to the firm have an equal voice in firm management, and decisions are by majority vote unless otherwise agreed. True False QUESTION 15 Directors, but not officers, of a corporation are generally liable for corporate debt. True False QUESTION 16 Any corporation by majority vote may elect Sub Chapter S status. True False QUESTION 21 A Sub Chapter S Corporation: has the advantages and disadvantages of a partnership but is taxed like...
Explain some of the pros and cons of converting a C Corporation into an S Corp?...
Explain some of the pros and cons of converting a C Corporation into an S Corp? Further, if limited liability companies and S corps are both taxed as flow-through entities for tax reasons, explain why might an owner choose one form over another? List out some of the factors to consider.
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters on the line(s). The number of blanks correspond to the number of letters that apply to that characteristic, use only one letter per blank (1 points per blank- 25 total) Owned by a singled individual Owned by two or more people (not called A. Sole Proprietorship B. General Partnership C. C Corporation D. S Corporation a. shareholders) Owned by shareholders _Proprietors) has full liability...
need help with these two questions thank you to anyone who helps Question 6 Which of...
need help with these two questions
thank you to anyone who helps
Question 6 Which of the following business entities has no provision that limits some or all of the liability of the owner? C corporation Sole proprietorship S corporation Limited liability company Question 10 Which of the following types of taxes is not levied by the U.S. government? Sales tax Income tax Gift tax Estate tax
For question #4 accurately answer each of the following: Ch 01: Assignment-An Overview of Financial Management...
For question #4 accurately answer each of the following:
Ch 01: Assignment-An Overview of Financial Management Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics belong to a proprietorship? Check all that apply. Profits taxed only once, at the individual (personal) level can easily raise large amounts of capital Subject to unlimited liability You see and read...
Here are four possible progressions for legal form as a startup company grows. Answer the questions...
Here are four possible progressions for legal form as a startup company grows. Answer the questions on the right a. Sole proprietorship to limited partnership to general partnership to corporation b. Sole proprietorship to general partnership to S Corporation to C corporation c. General partnership to sole proprietorship to corporation d. General partnership to C Corporation to Subchapter S Corporation Which of the choices (a through d) makes the most sense? << answer here Explain why the progression pattern from...
Identify which of the following statements is false. A) An S corporation files a Form 1120S...
Identify which of the following statements is false. A) An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year. B) An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040. C) An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments....
Question 3 of 75. Which of the following is a disadvantage of operating as a sole...
Question 3 of 75. Which of the following is a disadvantage of operating as a sole proprietorship? O Sole proprietorships have complex legal and accounting requirements. The owner of a sole proprietorship generally carries unlimited liability for the debts and liabilities of the business O A sole proprietorship has limited flexibility in choosing a tax year. O A sole proprietorship may only use the accrual method of accounting.
Question 26 (0.2 points) Which of the following statements is true of a corporation? O An...
Question 26 (0.2 points) Which of the following statements is true of a corporation? O An S-corporation can have no more than 500 stockholders. Profits earned in C-corporations are taxed only once at the corporate tax rate. All profits of an S-corporation do not pass directly to the stockholders as they would pass to the partners in a partnership. OS-corporations have less limited access to capital compared to C-corporations.
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity...
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity as owner Separate entity from owner Separate entity from owner Separate entity from owner Separate entity from owner Tax Year Same as owner Majority interest rules; principal partner rules; or the least aggregate deferral of income rule; exceptions may be the business purpose of 444 election Calendar or fiscal year Calendar year; 444 election; or business purpose demonstrated Depends on tax status as sole...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters on the line(s). The number of blanks correspond to the number of letters that apply to that characteristic, use only one letter per blank (1 points per blank- 25 total) Owned by a singled individual Owned by two or more people (not called A. Sole Proprietorship B. General Partnership C. C Corporation D. S Corporation a. shareholders) Owned by shareholders _Proprietors) has full liability...
need help with these two questions
thank you to anyone who helps
Question 6 Which of the following business entities has no provision that limits some or all of the liability of the owner? C corporation Sole proprietorship S corporation Limited liability company Question 10 Which of the following types of taxes is not levied by the U.S. government? Sales tax Income tax Gift tax Estate tax
For question #4 accurately answer each of the following:
Ch 01: Assignment-An Overview of Financial Management Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics belong to a proprietorship? Check all that apply. Profits taxed only once, at the individual (personal) level can easily raise large amounts of capital Subject to unlimited liability You see and read...
Question 3 of 75. Which of the following is a disadvantage of operating as a sole proprietorship? O Sole proprietorships have complex legal and accounting requirements. The owner of a sole proprietorship generally carries unlimited liability for the debts and liabilities of the business O A sole proprietorship has limited flexibility in choosing a tax year. O A sole proprietorship may only use the accrual method of accounting.
Question 26 (0.2 points) Which of the following statements is true of a corporation? O An S-corporation can have no more than 500 stockholders. Profits earned in C-corporations are taxed only once at the corporate tax rate. All profits of an S-corporation do not pass directly to the stockholders as they would pass to the partners in a partnership. OS-corporations have less limited access to capital compared to C-corporations.
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