A Form of Business Whose Profits Are Taxed Twice Is

question 250

Multiple Choice

A form of business whose profits are taxed twice is

• A) a proprietorship.
• B) a partnership.
• C) a corporation.
• D) either a proprietorship or a partnership, depending on other information.

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Definitions:

Dissolve

To formally end or disband an entity such as a business partnership, corporation, or marriage.

Transferability

The quality of being able to be legally transferred from one owner to another, such as property, titles, or financial instruments.

Unanimous Vote

A vote in which all members of a decision-making body agree and there are no dissenting opinions.

Winding Up

The process of settling the accounts and liquidating the assets of a company for the purpose of distributing the proceeds to claimants and shutting down the company permanently.