WorksheetsCorporation
Total questions: 8
Worksheet time: 2mins
What is a corporation ?
A company or group of people that act as one single person
A business where 2 separate companies work together to start another one off
An unincorporated business owned by one person
A business owned by 2 or more individuals
What is a corporate charter ?
A document used by LLC and corporations that outlines financial and functional decisions
An application filed for an employer identification number
A written document filed by a corporation to a US State
A nondisclosure agreement
What is one advantage of owning a corporation?
Income can be taxed twice
Shareholders are liable to any judgments against a corporation
Corporations cant raise funds by selling shares
Shareholders risk equity in a corporation
What are the disadvantages of owning a corporation?
Double taxation
Independent management
Unlimited life
Excessive tax filings
what are the advantages of owning a corporation?
independently liable
no income tax
limited liability
pass through
What is one disadvantage of owning a corporation?
Limited of one class of stock
Pass through
Limited liablity
No limit to life
What is an example of a corporation?
Wendys
Apple and Mastercard
Bank of America
Salvation Army
what is an example of a non-corporation?
UPS
Ikea
Yahoo
