The profits of a sole proprietorship are
B)subject to a corporate tax.
D)exempt from taxation.
E)treated as the owner's income.
Typical examples of a partnership would include which one of the following?
A)a law firm
B)a corner drugstore
C)an automobile manufacturer
E)a freelance writer
In a partnership, each partner is legally liable for
A)all the debts of the partnership.
B)the fraction of the debts corresponding to the fraction of ownership.
C)50 percent of the debt.
D)all debts of the partnership limited by the personal wealth of the partner.
E)an amount of debt limited to the amount of the partner's investment in the partnership.
Most establishments in Canada
A)employ between 5 and 99 people.
B)employ more than 100 people.
C)employ fewer than 5 people.
D)employ more than 500 people.