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Homework answers / question archive / The following describe several different business organizations

The following describe several different business organizations

Business

The following describe several different business organizations. Indicate whether the description refers to a sole proprietorship, partnership, or corporation.

a. A-1 pays its own income taxes and has two owners.

b. Ownership of Zeller Company is divided into 1,000 shares of stock.

c. Waldron is owned by Mary Malone, who is personally liable for the company's debts.

d. Micah Douglas and Nathan Logan own Financial Services, a financial services provider. Neither Douglas nor Logan has personal responsibility for the debts of Financial Services.

e. Bailey and Kay own Squeaky Clean, a cleaning service. Both are personally liable for the debts of the business.

f. Plasto Products does not pay income taxes and has one owner.

g. Ian LLC does not have separate legal existence apart from the one person who owns it.

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