Describe a corporation, a Limited Liability Company, a General Partnership, a Limited partnership, and a Sole Proprietorship. Discuss the tax characteristics of these entities. List what federal forms are filed with the IRS for the entities you described and explain the use of a Schedule K-1 for a partnership and an S Corporation.

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A corporation is a legal entity that is separate and distinct from its owners 1 Under law corporations possess many of the same rights and responsibil... View the full answer