In Most States a Sole Proprietorship That Operates Under a Trade

question 21

True/False

In most states a sole proprietorship that operates under a trade name must file with the appropriate state agency.

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Definitions:

Goodwill

An intangible asset that arises when a business is acquired for more than the fair value of its net identifiable assets.

Taxable Income

The amount of income used to calculate how much tax an individual or a company owes to the government.

Consolidated Income

The total net income of a parent company and its subsidiaries, after accounting for the ownership interest of noncontrolling shareholders.

Income Tax Rate

The percentage at which an individual or corporation is taxed on their income.