A Business Organized as a Corporation

question 34

Multiple Choice

A business organized as a corporation

• A) is not a separate legal entity in most provinces.
• B) requires that shareholders be personally liable for the debts of the business.
• C) is owned by its shareholders.
• D) has income tax disadvantages over a proprietorship or partnership.

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Definitions:

Intangibility

A characteristic of services that makes them unable to be touched, seen, tasted, heard, or felt in the same manner as physical goods.

Noise-Reducing Headphones

Headphones designed to minimize ambient sounds through active or passive noise cancellation techniques.

Sleeping Amenities

Features or services provided to enhance comfort during sleep, typically offered in hotels or flights, such as beds, pillows, linens, or sleep masks.

Intangible Items

Refers to non-physical assets or resources such as intellectual property, patents, or services.