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Business income taxes on the business profits

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1. A sole proprietor pays personal and business income taxes on the business's profits.

True or false 

2. The ability to raise capital is an important factor to consider when choosing a business form.

True or false 

3. The owner of a sole proprietorship will never face unlimited personal liability if a law suit is brought against the business or its employees.

True or false 

4. A franchise is operated as an independent business but has the advantages of being a national organization.

True or false ?

5. A franchisee (Operator/owner) pays a fee for a franchise license (the privilege of being granted a franchise).

True or false 

6. Trudy wants to open a restaurant supply warehouse. One reason why Trudy may want to set up her business as a sole proprietorship would be?

True or false 

7. Lisa operates Diner's Choice as a sole proprietorship. She needs more funds to expand (business capital), but wants to stay a sole proprietorship. Lisa can ?

True or false 

8. Danny owns Danny's Night Adventures, a mystery-type entertainment venue in the form of a sole proprietorship. If Danny dies, what happens to Danny's Night Adventures?

True or false 

9. Tina and Nathan own Paradise Parties. They each have 50% control of the business. Tina has invested $200,000 into the business, but Nathan has only invested $50,000. They most likely have what form of business??

True or false 

10. Tommy want to expand his company, Tommy's Tasty Treats. He currently operates his business as a Limited Liability ?Company. In order to raise capital, his only choice is to switch the business for to a Corporation so he can sell shares.

True or false 

Reference no: EM133376163

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