Solved

The Characteristics Below Apply to at Least One of the Forms

Question 96

Essay

The characteristics below apply to at least one of the forms of business organization.
a.Is a separate legal entity.
b.Is allowed to be owned by one person only.
c.Owner or owners are personally liable for debts of the business.
d.Is a taxable entity.
e.Is a business entity.
f.May have a contract specifying the division of profits among the owners.
g.Has an unlimited life
Use the following format to indicate (with a "yes" or "no")whether or not a characteristic applies to each type of business organization.
The characteristics below apply to at least one of the forms of business organization. a.Is a separate legal entity. b.Is allowed to be owned by one person only. c.Owner or owners are personally liable for debts of the business. d.Is a taxable entity. e.Is a business entity. f.May have a contract specifying the division of profits among the owners. g.Has an unlimited life Use the following format to indicate (with a yes or no )whether or not a characteristic applies to each type of business organization.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q17: Marian Mosely is the owner of Mosely

Q45: External users include lenders, shareholders, customers, and

Q70: A financial statement providing information that helps

Q93: The International Accounting Standards Board (IASB):<br>A)Hopes to

Q94: Identify the users and uses of accounting

Q99: Prepare a December 31 balance sheet in

Q109: Opportunities in accounting include auditing, consulting, market

Q117: The first section of the income statement

Q168: Owner financing refers to resources contributed by

Q238: Creditors' claims on the assets of a