Question : A sole proprietor's personal assets are protected from any liability associated with the business. : 2141738
60) A sole proprietor's personal assets are protected from any liability associated with the business.
61) The minimum number of partners in a general partnership is three: two general partners and at least one limited partner.
62) In a general partnership, all partners assume full responsibility for all debts of the business.
63) Limited liability partners have the right to inspect the business and make copies of company records.
64) A C corporation can have no more than 50 owners who agree not to sell their stock.
65) One advantage of the C corporation is that the owners have complete protection from liability related to business activity.
66) The profits of an S corporation are taxed as a partnership.
67) The limited liability company has advantages for the new venture that neither the C or S corporation do.
68) In a limited liability company, profits are taxed as a partnership.
69) As a company grows, an informal, loose, and flexible atmosphere may not work well.