An LLC is a Limited Liability Company. It is not a corporation. However, it could be a partnership or a sole-proprietorship. What happens when one partner dies?

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Chika IlonahLv10

28 Sep 2019

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30) 30) What is a disadvantage of a corporation relative to a sole proprietorship or partnership? A) Profits are taxed twice: as corporate profits and as dividend income and capital gains to stockholders. B) perpetual life C) dies with the owner D) Owners have unlimited liability. E) high cost of capital

Indicate whether the following statement best describes a corporation, a sole proprietorship, or a partnership.

a. Liability is limited to the amount invested.

b. Unlimited personal liability.

c. Unlimited liability for oneself and one's partner's actions.

d. Ability to share work and risks of ownership without issuing shares.

e. Direct control by the owner.

f. Most difficult to organize.

g. Greater ability to secure funds from outside investors.

h. Accounts for largest sales receipts in the United States.

i. The most common form of business.

aquamarinegerbil492

Match Column A with Column B

1) Partnership	a) a business owned by one person who is personally liable for all losses
2) Proprietorship	b) An artificial being created by a state
3) Limited partnership	c) two or more persons combine their efforts for a single transaction
4) Corporation	d) created when shareholders elect to be treates as partners for tax purposes
5) legal capacity	e) created by an agreement between two or more persons who agree to share profits and losses
6) buy-and-sell agreement	f) provides for compensation to a deceased or withdrawing owner of a business in return for that owners interest.
7) Subchapter S corporation	g) the ability of an organization to sue or to own property
8) joint venture	h) exists when some partners are treated like shareholders for liability purposes
9) limited liability company	i) tax doctine that allows income to be taxed at the owner level, not the organization level
10) "pass through"	j) owners recieve limited liability and tax treatment as if they were a partnership without filing as a corporation.

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An LLC is a Limited Liability Company. It is not a corporation. However, it could be a partnership or a sole-proprietorship. What happens when one partner dies?

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