Using the following information, on excel file, word document or write it out on a piece of paper, take a picture using a NON APPLE software) upload the answer to these questions (showing all your work to earn partial credit):

Using the legend provided indicate which form of business entity each of the following characteristics describes. Some of the characteristics may appy to more than one form of business entity.

Legend

SP = Applies so sole proprietorship P = Applies to a partnership S = Applies to an S corporation C = Applies a C corporation N = Applies to None

1. Has limited liability.
2. Greatest ability to raise capital.
3. Subject to double taxation.
4. Not subject to double taxation.
5. Is directly subject to the NIIT if has high income and NIL.
6. Limit on types and number of shareholders.
7. Has unlimited liability.
8. Sale of the business can be subject to double taxation.
9. Profits and losses effect the basis for an ownership interest.
10. Entity liabilities effect the basis for an ownership interest.
11. Distributions of earnings are taxed as dividend income to the owners.
12. Total invested capital cannot exceed $1,000,000

Individual owners potentially can claim the 20% qualified business income deduction.