B&G,Inc. ​A Year Ago,Carl Went to Work for B&G,Inc.He Has Worked

question 116

Multiple Choice

B&G,Inc.
​A year ago,Carl went to work for B&G,Inc.He has worked for the finance department ever since he started.He noticed that the corporation was only taxed as though it were a partnership.This was something that he found very odd when he first started working for the company,but he later realized it was a fairly common practice.He recognized that this was one of the advantages of this type of corporation.
​While the job was challenging,Carl was not happy.He wanted to work for a company whose main goal was to provide service to the community,not to make a profit.However,Carl felt that,considering his present financial situation,he had to continue working for B&G,Inc.A week later,Carl discovered there was going to be a merger between B&G,Inc.and one of its major competitors.Carl's boss informed him that he would be getting a promotion and a raise.While he was excited about making more money,he still was not happy.He knew then that he would not be working for the company for long.
-Refer to B&G,Inc.Which of these features does not belong to this type of corporation?

• A) No double taxation
• B) Management flexibility
• C) Limited liability
• D) Personal asset protection
• E) Many Internal Revenue Service tax regulations

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Definitions:

Underfund Liability

The shortfall or deficit when the assets of a fund, like a pension, are insufficient to cover the obligations.

Defined Benefit Plan

A type of pension plan where retirement benefits are determined based on a formula, typically involving salary and service years.

Retirement Plan

A financial agreement designed to provide individuals with income during their retirement years.

Benefits Plan

A specific arrangement by an organization that outlines the non-wage compensations available to employees, such as health insurance, retirement contributions, and time off.