The Form of Business Ownership That Involves Double Taxation and Limited

question 65

Multiple Choice

The form of business ownership that involves double taxation and limited liability for the owners is the

• A)partnership.
• B)corporation.
• C)Subchapter S corporation.
• D)limited partnership.
• E)sole proprietorship.

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Definitions:

Unconscionable

Describes an agreement that is so unjust or overwhelmingly one-sided in favor of one party that it is deemed unenforceable under the law.

Rescind

As the word is applied to contracts, to terminate the contract as to future transactions or to annul the contract from the beginning.

Rescind

To revoke, cancel, or repeal a contract, agreement, or offer, making it as though it never existed.

Concealment

In contract law, taking active steps to prevent another from learning the truth.