Workers' Compensation Premiums Are Based on Two Major Factors: ______

question 63

Multiple Choice

Workers' compensation premiums are based on two major factors: ______ and ______.

• A) annual revenue; number of employees
• B) industry classification; tax bracket
• C) state business is located; payroll
• D) industry classification; payroll

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Definitions:

Limited Partnership

A partnership structure where at least one partner has unlimited liability (general partner) and one or more partners have limited liability (limited partners), restricting their losses to their investment in the partnership.

Limited Liability Partnership

A business structure where partners have limited liabilities, protecting personal assets from the debts of the business.

Sole Proprietorship

A sole proprietorship is a business owned and operated by a single individual, where there is no legal separation between the owner and the business entity.

Limited Partnership

A form of partnership consisting of one or more general partners who manage the business and assume legal debts and obligations, and one or more limited partners who are liable only up to the amount they invest.