BUISENESS MANAGEMENT
BUSINESS STRUCTURE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This kind of business can last indefinitely.
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It is required to have at least three owners (members).
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The IRS collects taxes based on the LLC s gross income.
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The owners’ personal property cannot be taken to pay the business s debts.
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Detailed explanation-1: -Characteristics of limited liability company include separate legal existence, limited liability, flexibility in taxation, and simplicity in operation.
Detailed explanation-2: -Sole proprietorship Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business.
Detailed explanation-3: -A limited liability company (LLC) is a business structure for private companies in the United States, one that combines aspects of partnerships and corporations.
Detailed explanation-4: -Limited Liability Company (LLC) An LLC is a hybrid between a partnership and a corporation. Members of an LLC have operational flexibility and income benefits similar to a partnership but also have limited liability exposure.