Daniel,his Parents,and Three Brothers Own All the Stock of Their

question 40

Multiple Choice

Daniel,his parents,and three brothers own all the stock of their family farm corporation,and each person takes an active role in managing the enterprise.This corporation,which is taxed as a corporation,is most likely a(n)

• A)S corporation.
• B)professional corporation.
• C)close corporation.
• D)proprietorship.

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Definitions:

Integrated Technology Platforms

Common operating systems that can be used across multiple computers connected through the Internet.

Horizontal Structuring

Reflects the way the company subdivides itself.

Chain Of Command

The formal line of authority, communication, and responsibility within an organization.

Licensing

The granting of permission by an authority to an individual or entity to carry out certain activities that would be illegal without said permission.