The IRS

question 100

Multiple Choice

The IRS:

• A)requires official tax forms be obtained at the local IRS office.
• B)links to the H & R Block Web site.
• C)provides information on how to choose a stock.
• D)has an app for mobile phones.

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Definitions:

Creditor

An individual or entity to whom money or its equivalent is owed by another individual or entity, known as the debtor.

Professional Corporation

Identical to a business corporation in most respects. A professional corporation is formed by filing with the secretary of state, and it is managed by a board of directors, unless a statute permits it to be managed like a partnership. The rigid management structure makes the professional corporation inappropriate for some smaller professional practices.

Personal Liability

Legal responsibility of an individual to settle debts or legal judgments from their assets, not protected by business structures or limited liability.

Limited Partners

Investors in a partnership who have limited liability to the extent of their investment and are not involved in day-to-day management decisions.