Author Question: Which of the following is a disadvantage of a sole proprietorship? A) The owner is personally liable ... (Read 64 times)

Engineer · **on:** Jul 14, 2018

Which of the following is a disadvantage of a sole proprietorship?
A) The owner is personally liable for the debts of the firm.
B) The firm is subject to double taxation.
C) The profits of the firm have to be shared between its members.
D) The costs of formation of the firm are more compared to other business forms.

Question 2

What is a not-for-profit corporation? Discuss some of the similarities between not-for-profit corporations and for-profit corporations.

quynhmickitran · **Reply #1 on:** Jul 14, 2018

Answer to Question 1

A

Answer to Question 2

A not-for-profit corporation is a corporation organized to provide a social, educational, religious, or other service rather than to earn a profit. Employees of both for-profit and not-for-profit organization are responsible for making sure the organization achieves its goals and objectives, ensuring accountability for finances and donations, and monitoring activities to improve performance of both employees and volunteers.