Profits of the business are \"passed on\" (taxed to the individual) in which of

Question

Profits of the business are "passed on" (taxed to the individual) in which of the following business arrangements: Sole Proprietorship Partnership Limited Partnership Limited Liability Partnership All of the above Mary and Alana decide one day to sell home made "perfumes". Mary provides the chemicals and Alana provides the glass bottles and sells the perfume. They operate the business over the summer and divide the profits. Mary and Alana do not receive any salary or regular wage. Mary and Alana have equal rights in the "management of the enterprise". However, there is no formal agreement on anything. What can be said about this situation. Mary and Alana are each operating a sole proprietorship Mary and Alana are operating a general partnership Mary and Alana are operating a Limited Liability Partnership None of the above Generally, the Board of Directors (BOD) are elected by and the Officers of the Corp are elected by respectively. BOD, BOD Shareholders, BOD BOD, Shareholders BOD,BOD

Explanation / Answer

1) b partnership

2) b) General Partnership

3) b) Shareholders and Board of Directors.

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