A Country Whose Banking System Is Organized to Permit External

question 21

Multiple Choice

A country whose banking system is organized to permit external accounts beyond the normal economic activity of the country is called:

• A) representative country.
• B) offshore banking centre.
• C) onshore banking centre.
• D) full service country.

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Definitions:

Sole Proprietorship

An enterprise that a single person owns and runs, where there's no legal separation between the proprietor and the enterprise itself.

Limited Liability Company

A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Corporation

A legal entity that is separate and distinct from its owners, offering limited liability to its shareholders, and is capable of owning property, being liable, and suing or being sued.

General Partnership

A business arrangement where two or more individuals share ownership and the responsibility for managing the business and its debts.