Question

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


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  • CreatedMarch 18, 2015
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