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IUPUI BUS X100 EXAM 2 2025 QUESTIONS AND ANSWERS Sole Proprietorship - ....ANSWER ...-business owned and operated by one person (advantage: no double taxation) partnership - ....ANSWER ...-a voluntary agreement under which two or more people act as co-owners of a business for profit corporation - ....ANSWER ...-a legal entity that is separate and distinct from its owners (shields the owners from personal liability) (advantage: stock) General Partnership - ....ANSWER ...-partnership in which partners share equally in both responsibility and liability limited partnership - ....ANSWER ...-A partnership with one or more general partners and one or more limited partners (limited partners do less and have less liability). S corporation - ....ANSWER ...-A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1