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EXAM 2 IN X100 IUPUI 2025 QUESTIONS AND ANSWERS Sole Prioprietorship - ....ANSWER ...-a business owned and managed by a single individual Partnership - ....ANSWER ...-a business organization owned by two or more persons who agree on a specific division of responsibilities and profits Corporation - ....ANSWER ...-A business owned by stockholders who share in its profits but are not personally responsible for its debts Types of partnerships - ....ANSWER ...-general, limited, limited liability The types of partnerships that do not limit liability - ....ANSWER ...-Limited partners invest in the business for financial returns and are not responsible for its debts and liabilities. Shared characteristics of S-corporations and C-corporations ....ANSWER ...-Both types of corporations allow for their own shareholders and ownership setup. S Corps and C Corps alike are incorporated the same way, as ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1