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6 July, 03:56

Which one of the following statements is correct?

a. A general partnership is legally the same as a corporation.

b. Income from both sole proprietorships and partnerships is taxed as individual income.

c. Partnerships are the most complicated type of business to form.

d. All business organizations have bylaws.

e. Only firms organized as sole proprietorships have limited lives.

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Answers (1)
  1. 6 July, 05:37
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    b. Income from both sole proprietorship and partnerships is taxed as individual income.

    Explanation:

    According to the following statements, the correct option is b. as income from both sole proprietorship and partnerships is taxed as individual income as there is no specific tax rates or separate tax rate so, in this forms of business organization, the income that is generated should be filed in their individual tax return

    Hence, all other given statements are wrong as a general partnership is totally different from the corporation plus partnership is not the most complicated form of business. Neither all business organizations have by-laws nor the sole proprietorship has limited lives but the partnership has also limited lives.
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Home » Business » Which one of the following statements is correct? a. A general partnership is legally the same as a corporation. b. Income from both sole proprietorships and partnerships is taxed as individual income. c.
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