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Exam 2 in X100 IUPUI 2025 Questions and Answers Sole Prioprietorship - ....ANSWER☑️☑️...-a business owned and managed by a single individual Partnership - ....ANSWER☑️☑️...-a business organization owned by two or more persons who agree on a specific division of responsibilities and profits Corporation - ....ANSWER☑️☑️...-A business owned by stockholders who share in its profits but are not personally responsible for its debts Types of partnerships - ....ANSWER☑️☑️...-general, limited, limited liability The types of partnerships that do not limit liability - ....ANSWER☑️☑️...-Limited partners invest in the business for financial returns and are not responsible for its debts and liabilities. Shared characteristics of S-corporations and C-corporations - ....ANSWER☑️☑️...Both types of corporations allow for their own shareholders and ownership setup. S Corps and C Corps alike are incorporated the same way, as well as issue stock and adopt bylaws. Both S Corps and C Corps have boards of directors with directors and officers and file annual reports. The differences between S-corporations and C-corporations - ....ANSWER☑️☑️...The biggest difference between C and S corporations is taxes. C corporations pay tax on their income, plus you pay tax on whatever income you receive as an owner …FOR STUDY PURPOSES ONLY…©️ 2025 ALL RIGHTS RESERVED… 1