Which one of the following statements is correct?
A)A general partnership is legally the same as a corporation.
B)Both sole proprietorship and partnership income is taxed as individual income.
C)Partnerships are the most complicated type of business to form.
D)All business organizations have bylaws.
E)Only firms organized as sole proprietorships have limited lives.

Question

Quizplus · Accepted Answer

Both sole proprietorship and partnership income is taxed as individual income under the personal income tax system. A general partnership is not legally the same as a corporation, partnerships are not the most complicated type of business to form, not all business organizations have bylaws, and only certain types of business organizations, such as corporations, have limited lives.

Which One of the Following Statements Is Correct