An Important Fact to Consider When Determining How to Organize

question 84

Multiple Choice

An important fact to consider when determining how to organize a business is that:

• A) members of an LLC have unlimited liability and are taxed like members of a partnership.
• B) for accounting purposes, a proprietorship is a distinct entity.
• C) the records of a partnership can include the partner's personal finances.
• D) the proprietor and the proprietorship are separate legal entities.

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Definitions:

Sole Good

The idea that there is a single, ultimate value or good that all actions should aim to achieve.

Closed Social System

describes a society or social group that is relatively isolated from outside influences and changes, with strict limits on social mobility and interactions.

City-States

Independent, self-governed cities that function as individual political entities, historically common in ancient Greece and Italy.

Crumbling World

A metaphor describing a state of decline or disrepair, often used to highlight issues in society, the environment, or global stability.