Ask Question
BusinessBusiness
17 March, 08:43

A sole proprietorship: Multiple Choice provides limited financial liability for its owner. involves significant legal costs during the formation process. has an unlimited life. has its profits taxed as personal income.

+4
Answers (1)
  1. 17 March, 09:49
    0
    Has its profits taxed as personal income

    Explanation:

    Sole proprietorship: The sole proprietorship is the person who is the single owner of a company. He is personally liable for all the acts which are held in the company. In this, there is no separate entity between the company and its members.

    Moreover, during filling the return, the owner has to file a tax based on the profits on its personal income

    Its owner choice to continue the business for longer period or for a shorter period. So, it does not has unlimited life, neither it have limited financial liability nor it involves significant legal costs during the formation process.

    So, a sole proprietorship has its profits taxed as personal income.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A sole proprietorship: Multiple Choice provides limited financial liability for its owner. involves significant legal costs during the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Marine Corporation issued common stock in Year 1. It issued 10,000 shares of 10%, $100 par value noncumulative preferred stock for $110 per share at the beginning of Year 3. It did not pay any dividends in Year 3 or Year 4.
Answers (1)
The Gardenview Corporation has identified the following overhead costs and activity drivers for next year: Expected Expected Overhead Item Cost Activity Driver Quantity Setup costs $200,000 Number of setups 250 Ordering costs 80,000 Number of orders
Answers (1)
Use the following data to answer QuestionAccounts payable $30,000Accounts receivable 65,000Accrued liabilities 7,000Cash 20,000Intangible assets 40,000Inventory 72,000Long-term investments 100,000Long-term liabilities 75,000Marketable securities
Answers (1)
Problems and applications q7 for any given demand curve for the right to pollute, the government can achieve the same outcome either by setting a price with a corrective tax or by setting a quantity with pollution permits.
Answers (2)
Some investment projects require that a company increase its working capital. Under the net present value method, the investment and eventual recovery of working capital should be treated as: A) an initial cash outflow. B) a future cash inflow.
Answers (1)
New Questions in Business
A company that produces gift cards for various retail stores implemented a marketing campaign that for a limited time offered a 10% discount on gift cards if you purchased three or more at the same time.
Answers (1)
A currency trader observes the following quotes in the spot market: 1 U. S. dollar = 122 Japanese yen 1 British pound = 2.25 Swiss francs 1 British pound = 1.63 U. S.
Answers (1)
Mary, Susan, and Sarah are running a beach boutique on the board walk of Ocean City. Their favorite product is a red lifeguard hoody. Mary believes it will sell 341 times next season.
Answers (1)
Stone Foods produces the majority of its cheese products in its U. S. based dairy division at a total outlay cost of $6.00 per unit.
Answers (1)
The last dividend paid by Coppard Inc. was $1.25. The dividend growth rate is expected to be constant at 15% for 3 years, after which dividends are expected to grow at a rate of 6% forever.
Answers (1)
Home » Business » A sole proprietorship: Multiple Choice provides limited financial liability for its owner. involves significant legal costs during the formation process. has an unlimited life. has its profits taxed as personal income.
Sign Up Forgot Password?