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IUPUI BUS X100 Exam 2 2025 Questions and Answers Sole Proprietorship - ....ANSWER ...-business owned and operated by one person (advantage: no double taxation) partnership - ....ANSWER ...-a voluntary agreement under which two or more people act as co-owners of a business for profit corporation - ....ANSWER ...-a legal entity that is separate and distinct from its owners (shields the owners from personal liability) (advantage: stock) General Partnership - ....ANSWER ...-partnership in which partners share equally in both responsibility and liability limited partnership - ....ANSWER ...-A partnership with one or more general partners and one or more limited partners (limited partners do less and have less liability). S corporation - ....ANSWER ...-A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships C Corporation - ....ANSWER ...-The most common type of corporation, which is a legal business entity that offers limited liability (separate from the owners) to all of its owners, who are called stockholders …FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1