1. Which of the following best describes how a corporation, which has not made any special tax elections, and its shareholders, are taxed?
The corporation is not taxed, but the shareholders are taxed on their dividends.
The corporation is taxed, but the shareholders are not taxed on their dividends.
The corporation is taxed, and the shareholders are taxed on their dividends.
Neither the corporation nor its shareholders are taxed.
1. Which of the following is a reason to form a limited liability company rather than an S corporation?
There is no limit on the number of owners of a limited liability company whereas the number of shareholders of an S corporation is limited.
All owners of a limited liability company have limited liability, but not all owners of an S corporation have limited liability.
A limited liability company can be formed without formalities such as filing papers with the state whereas an S corporation requires papers to be filed with the state.
A limited liability company acts as a flow-through entity for income tax purposes, but an S corporation does not.
1. Under Article 2 of the UCC dealing with the sale of goods, a contract is usually enforceable even if which of the following terms is omitted:
Price or quantity.
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