of the corporate form of organization is that it avoids double taxation. One of the advantages of a corporation from a social standpoint is that every stockholder has equal voting rights‚ i.e.‚ “one person‚ one vote.” Corporations of all types are subject to the corporate income tax. Instructor Explanation: Explanation: Ch 1: a is correct‚ all others are incorrect a: True b: false- corporate shares provide
Premium Corporation Business law Types of business entity
TRUE-FALSE QUESTIONS 1. In a criminal trial‚ the defendant must be proven guilty by a preponderance of the evidence or beyond a reasonable doubt? True 2. A preliminary hearing requires the prosecutor to present probable cause that the defendant committed the crime or requires that bond be set? 3. A misdemeanor or felony is a crime punishable by a fine or a jail sentence of less than one year? 4. Evidence illegally obtained by the police in violation of the Fourth Amendment will be excluded from
Premium Partnership Corporation Criminal law
SOLE PROPRIETORSHIP: This is a type of business with one owner. The business may not even need to be registered with the state as long as they are “doing business” as themselves. It is a very easy to start up a sole proprietorship‚ and more often than not it does not require a great deal of money. Another advantage is that the profits go straight to the sole proprietor who doesn’t need to worry about sharing or dealing with another individual or entity on the day to day operations as well as
Premium Corporate tax Business law Sole proprietorship
determine policies and also the decision making‚ assume expenses‚ receive profits‚ and bear all losses. You make my own rules and responsible to meet all duties and obligations of running the business. Sole proprietorship is the oldest and most common type of business firm in the United States. Most are small and account for only 7% of all business receipts. More common and known as sole proprietors are car repair shops‚ small grocery stores‚ barber shops and also some small farms. Also insurance is
Premium Sole proprietorship Corporate tax Business terms
ACC 455 FINAL EXAMS FOR ANSWERS VISIT: www.finalexamguideline.com 1) Regulations are A. equal in authority to legislation if interpretative B. equal in authority to legislation if statutory C. equal in authority to legislation D. presumed to be valid and to have almost the same weight as the IRC 2) Identify which of the following statements is false. A. All are false. B. Members from both the House and
Premium Tax Corporation Taxation
entries are Accruals‚ Prepayments‚ Pre-collections‚ Depreciation and amortization‚ Uncollectible accounts and Ending Inventory. Accounting errors are misstatements of accounting data due to inaccurate measuring and recording of business transactions. Types of Accounting Errors are namely‚ Errors due to omission and Errors on amount recorded‚ account title and accounting treatment. Correcting Entry is a journal entry designed to remove accounting errors made in the general journal in the general journal
Premium Sole proprietorship Balance sheet Asset
What is Meant By One Man Control? One man control or one man business (also called sole proprietorship) is the simplest form of business organization. The description ‘One man business’ or ‘one man control’ is sometimes con as misleading one‚ as there may be more than one persons working as employees in the business. The essential condition of one man control or one man business is that it i.e. a business owned by one person‚ managed and operated for one’s own profit. Statute of One Ban Business
Premium Legal entities Business law Sole proprietorship
TO: Peter Sleiman FROM: Larry Fermin RE: REE‚ Inc. Loans Facts You‚ Peter Sleiman‚ entered into a lease agreement with Blockbuster Video‚ Inc. Your lease stipulated that you purchase land‚ build a video rental store‚ and lease it to Blockbuster. You then set up an S Corporation‚ REE‚ Inc. and assigned the lease to REE. REE then obtained bank loans of approximately $1 million by pledging the property the S Corporation had purchased as collateral. Mr. Sleiman‚ you personally guaranteed
Premium Loan Renting Sole proprietorship
CHAPTER 21 PARTNERSHIPS TRUE/FALSE 1. Unlike a subchapter C corporation‚ a partnership is subject to only one level of taxation and can often liquidate in a tax-deferred manner. ANS: T A partnership is a flow-through entity subject to only one level of taxation. Liquidation of the partnership is generally tax-deferred. PTS: 1 REF: p. 21-2 | p. 21-3 2. Section 721 provides that no gain or loss is recognized on contribution of property to a partnership in exchange for an interest in
Premium Corporation Partnership Types of business entity
BASIC CONSIDERATIONS AND FORMATION Partnership -In the contract: Two or more persons bind themselves to contribute money‚ property‚ or industry to a common fund‚ with the intention of dividing the profit among themselves. -Two or more persons may also form a partnership for the exercise of a profession. (Civil Code of the Philippines‚ Article 1767) -The partnership has a juridical personality separate and distinct from that of each of the partners (Civil Code of the Philippines‚ Article 1768)
Premium Corporation Partnership Business law