The main differences between profit reported by a proprietorship and a corporation are income tax expense and salaries paid to owners.Group startsTrue or False

When comparing the typical sole proprietorship and corporation, the form of business having higher assets and earnings is the corporation.Group startsTrue or False

The distinguishing feature of a corporation is that: a. none of them. b. it provides limited liability only to small shareholders. c. there is no legal difference between the corporation and its owners. d. it spreads liability for its corporate obligations to all shareholders. e. it is a legally defined, artificial being, separate from its owners.

Profit is:YOUR ANSWERYour Answerthe income a business makes.the same as revenue.totally dependent on the costs of a business.the difference between a business’s revenue and costs.

The income of a corporation is taxed twice, first as corporate income and then as personal income to shareholders who receive cash dividends.Group startsTrue or False

The advantages of a corporation compared to a sole proprietorship or partnership include:Multiple ChoiceThe ability of stockholders to make operating decisions for their company.Less paper work.Limited liability.Lower total taxes.