Match the term with its definition.
-An ordinary corporation, taxed by the federal government as a separate legal entity

Question

Quizplus · Accepted Answer

C corporation is an ordinary corporation taxed by the federal government as a separate legal entity.

Answer: H 
 S corporation, also known as Subchapter S corporation, is a type of corporation that avoids double taxation by passing income, deductions, and credit through to shareholders.

Answer: I 
 Unlimited liability refers to the full legal and financial responsibility of a business owner in case of the business's debts or legal issues.

Answer: B 
 B corporation, also known as a benefit corporation, is a for-profit corporation that has a social or environmental mission and meets certain transparency and accountability standards.

Answer: D 
 Corporate charter is a legal document that establishes a corporation's existence and outlines its purpose, structure, and governing laws.

Answer: F 
 Partnership is a business structure in which two or more individuals share ownership and responsibility for the business's profits and losses.

Answer: G 
 Professional corporation is a type of corporation reserved for licensed professionals, such as doctors, lawyers, and accountants, which offers certain tax advantages and limited liability protection.

Answer: A 
 Advisory board is a group of individuals, usually outside of a company, who offer guidance and advice to the company's leadership.

Answer: E 
 Joint and several liability is a legal principle in which each individual in a group is fully responsible for the entire group's legal or financial liabilities.

Match the Term with Its Definition