The following describe several different business organizations. Determine whether the description refers to a sole proprietorship, partnership, or corporation.
a. Ownership of Zander Company is divided into 1,000 shares of stock.
b. Wallingford is owned by Trent Malone, who is personally liable for the company’s debts.
c. Micah Douglas and Nathan Logan own Financial Services, a financial services provider. Neither Douglas nor Logan has personal responsibility for the debts of Financial Services.
d. Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.
e. IBC Services does not have separate legal existence apart from the one person who owns it.
f. Physio Products does not pay income taxes and has one owner.
g. AJ pays its own income taxes and has two owners.

  • CreatedNovember 14, 2013
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