How is a corporate veil protected? By fully respecting the separate identities o
ID: 1194748 • Letter: H
Question
How is a corporate veil protected? By fully respecting the separate identities of a corporation and its owner By observing all corporate formalities required by law. By bering a good corporate citizen in the community and by being a good employer. B oth A and B If a person wants the most possible tax planning options and no personal liability for bus obligation, how should they organize their business. (A) As a sole proprietorship. (B) As a limited liability company or a limited partnership. (C) As a corporation. If one person wants to control their business without any difficult legal requirements for operating their business, and is for his or her actions, how should their business be organize As either a partnership or a sole proprietorship- (B) As a sole proprietorship. (C) As either a limited liability company or 84. If two or more people want to operate a business as co-owners, want to be able to manage their business and be taxed as a partnership, do not want to have to have to deal with stock issues, and want as little liability as possible for business obligations, how should they organize their their business and be taxed as a partnership, should they organize want as little liability as possible for business o g business? limited liability company. Which statement best describes the Which of the following business entities What does ''employment at will" meanExplanation / Answer
(81) (A)
Corporate veil is the seggregation of a corporate and its owner's legal identities.
(82) (A)
In sole proprietorship, there is no personal obligation for company's liabilities.
(83) (B)
Sole proprietorship enables only one individual to control entire business.
(84) (C)
A partnership makes the partners fully and jointly obligated for company liabilities. A corporation requires a stock issue to public. So (C) is the only option.
(85) (C)
Ownership record and profit/loss sharing is the substance.
(86) (A)
Other forms of companies make the owners personally liable for business liabilities, so the corporate veil remains absent.
(87) (A)
In US, Employment at Will is a clause that gives employer the right to terminate an employee with or without reason or without prior notice.