Distinguishing business organizations- Consider the following separate situations, identify each as being a sole proprietorship, partnership or corporation.
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AJ Company pays its own income taxes and has two owners.
Corporation
Micah and Nancy own Financial Services, a financial services provider. Neither Micah nor Nancy has personal responsibility for the debts of Financial Services.
Corporation
Ownership of Zander Company is divided into 1,000 shares of stock.
Corporation
Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.
Partnership
IBC Services does not have separate legal existence apart from the one person who owns it.
Sole proprietorship
Physio Products does not pay income taxes and has one owner.
Sole proprietorship
Trent Company is owned by Trent Malone, who is personally liable for the company's debts.
Sole proprietorship