This Form of Ownership Is the Same as a Corporation

question 68

Multiple Choice

This form of ownership is the same as a corporation in terms of legal characteristics even though Congress is considering legislation that would further simplify its formation and running.Its distinction from a corporation is made for federal income tax purposes only.

• A)S-corporation
• B)Master limited partnership
• C)Sole proprietorship
• D)Limited liability company

---

Definitions:

External Self

The way an individual is perceived by others or presents themselves in social contexts, often through material possessions or outward appearances.

Self-Concept

Represents an individual's perception of self, including beliefs about one's traits, abilities, and attributes.

Eastern Cultures

The diverse social norms, traditions, languages, and religious beliefs found in countries located east of Europe, particularly in Asia.

Western Cultures

Western Cultures refer to societies predominantly found in Western Europe and North America, characterized by values such as individualism, democracy, and market capitalism.