Asked by
ashley oreoFHF
on Nov 05, 2024
Verified
Corporation income taxes are not levied on the income of partnerships or proprietorships.
Partnerships
A lawful business structure involving two or more people who jointly manage and distribute earnings.
Proprietorships
A business structure owned by a single individual who is responsible for its liabilities and entitled to its profits.
- Understand the impact of business ownership forms such as corporations, partnerships, and proprietorships on tax obligations and reporting requirements.
Verified Answer
PH
Learning Objectives
- Understand the impact of business ownership forms such as corporations, partnerships, and proprietorships on tax obligations and reporting requirements.