Where Professional Incorporation Is Allowed,it Typically Does Not Protect the Professional

question 60

True/False

Where professional incorporation is allowed,it typically does not protect the professional from the liability of greatest concern-personal liability for negligence.

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Definitions:

S Corporations

A special designation of corporation that allows income to be taxed only at the shareholder level, avoiding double taxation.

Flow-Through Entities

Entities through which income flows to the owners or investors, avoiding corporate income tax.

Schedule E

A tax form used to report income and losses from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs.

Rental Days

The number of days a property is rented out or available for rent during a specific period.