Forms of Business Organization. In each of the following situations, determine whether Georgio’s Fashions is a sole proprietorship, a limited partnership, or a corporation.
1. Georgio’s defaults on a payment to supplier Dee Creations. Dee sues Georgio’s and each of the owners of Georgio’s personally for payment of the debt.
2. Georgio’s raises $200,000 through the sale of shares of its stock.
3. At tax time, Georgio’s file a tax return with the IRS and pays taxes on the firm’s net profits.
4. Georgio’s is owned by three persons, two of whom are not allowed to participate in the firm’s management.
This question was answered on: May 23, 2022
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