A Business with No Partners and No Board of Directors

question 61

Multiple Choice

A business with no partners and no board of directors to report to is typically considered to be independent and positioned to act quickly when required.Which of the following is also typical of this form of business?

• A) its limited failure expectancy
• B) its limited life expectancy
• C) the diversity of profit-sharing plans
• D) the complexity involved in its formation

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Definitions:

Tax Return

A form filed with a federal, state, or local tax collection agency detailing income, expenses, and other pertinent tax information, used to calculate tax liability.

Accounting Services

Professional services that deal with the recording, reviewing, and interpreting financial transactions and statements.

Tax Returns

Documents filed with a tax authority that report income, expenses, and other relevant tax information to calculate tax liability.

Income

Money received, especially on a regular basis, through work, investments, business, etc., for goods or services provided.