A Business Entity Operated and Taxed Like a Partnership,but with Limited

question 28

Multiple Choice

A business entity operated and taxed like a partnership,but with limited liability for the owners,is called a:

• A) limited liability company.
• B) general partnership.
• C) limited proprietorship.
• D) sole proprietorship.
• E) corporation.

Understand the standard of care and fiduciary duties directors owe to a corporation.

Comprehend the rights of shareholders, including minority shareholders, and their mechanisms for accountability and protection.

Recognize the legal and financial consequences of directors’ decisions on dividends, loans, and corporate assets.

Grasp the role and legal obligations of promoters in the creation of a corporation.

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Definitions:

Domestic Labour

The work carried out in the home, such as cleaning, cooking, and childcare, often undervalued in economic assessments.

Sandwich Generation

A generation of people who are caring for their aging parents while supporting their own children, often juggling financial and time responsibilities.

Role Strain

Stress or tension experienced by an individual when facing competing demands or expectations within the same social role.

Social Reproduction

The process by which societies have structural continuity over time, ensuring the transmission of norms, values, and social practice from one generation to another.