LEG 100 Week 10 Quiz | Questions with 100% Correct Answers | Verified | Latest Update 2024

The advantage to an S corporation is - its treatment of shareholders for income taxation purposes. To form an LLC, both a charter and an operating agreement must be filed with the Secretary of State in the jurisdiction where the business will operate. - False An organization that does not pay income tax on its profits but passes them through to its owners who pay the tax at their individual rates is called a - flow-through tax entity. Limited liability is a major advantage of a partnership as compared to a corporation. - False All the business forms listed below have limited liability EXCEPT the - general partnership. Corporations have a distinct advantage over other forms of business organization in the area of taxation. - False Corporations have perpetual existence. - True Lawyers often take the role of the incorporator, signing the charter and delivering it to the proper state officials. - True