Payroll Is Typically a Small Expense for Most Small Businesses

question 61

True/False

Payroll is typically a small expense for most small businesses.

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Definitions:

UPA

Abbreviation for "Uniform Partnership Act," a uniform law regulating the formation, operation, and dissolution of partnerships in the United States.

Term Partnership

A partnership that is set up to run for a set time period or in order to accomplish a task of some sort.

Unlimited Liability

The legal obligation of business owners to pay all of their business debts personally, without limit, which exposes personal assets to risk.

Sole Proprietorship

A business formed by the sole proprietor. It is the easiest business organization to form.