Jeremy Is Thinking of Starting Up a Small Business Selling

question 27

Multiple Choice

Jeremy is thinking of starting up a small business selling NASCAR memorabilia.He is considering setting up his business as a corporation.What is one advantage to Jeremy of setting up his business as a corporation?

• A)By setting up the business as a corporation, Jeremy would not face double taxation.
• B)By setting up the business as a corporation, Jeremy would have the ability to share risk with shareholders.
• C)By setting up the business as a corporation, Jeremy would have both ownership and control over the business.
• D)All of the above would be advantages of setting up his business as a corporation.

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Definitions:

Purchasing Decisions

The process involved in identifying and procuring goods and services based on need, quality, and price considerations.

In-House Attorneys

Lawyers employed directly by corporations or organizations to provide legal services and advice internally, as opposed to outside law firms.

Chief Executive Officers

Top executives responsible for the overall management, strategic direction, and decision-making in an organization or company.

Other Paralegals

Individuals who assist lawyers by conducting legal research, drafting documents, and performing other tasks, but are not lawyers themselves.