What do you know about corporations?

Corporations can (select all that applies):

• Have their own bank accounts

• Avoid government taxation

• Can sue and be sued

• Take on debts

Advantages of a corporation include:

• Double Taxation

• Limited Liability

• It is not a tax paying entity

Which of the following is correct about Corporations?

• Corporations are taxed on their corporate income

• Corporations are not required to pay taxes to the government

Charities, Public Benefits, and Mutual Benefit corporations are types of:

• Limited Liability Corporations

• Corporations

• Nonprofit Corporations

In a Corporation:

• Entity is controlled by the owner as a whole

• Entity is controlled by partners who have equal voting rights

• Entity is controlled by a Board of Directors that's appointed by shareholders

In a Limited Liability Company, profits are paid:

• As dividends based on agreement

• Based on members' agreement

• Paid as per the percentage of ownership

Which of the following types of corporations is NOT subject to double taxation?

(You may select multiple answers)

• Limited Liability Company

• C Corporations

• S Corporations

• Nonprofit Corporation

In Nonprofit Corporations:

• Profit is distributed among partners equally

• Profits are distributed as stocks or dividends to shareholders

• Profits remain within the company