Custom Auto, LLC, is a limited liability company. Its members include Dennis and Emma. Like other LLCs with more than one member, unless indicated otherwise, the firm will automatically be taxed as

A partnership is a pass-through entity and a taxpaying entity.

Cumulative voting refers to the accumulation of proposals presented annually for a shareholders’ vote.

Any business—except a sole proprietorship—must comply with business registration and licensing requirements.

A sole proprietor does not own the entire business.

Wiley incorporates his business as Wiley’s Wire Inc. in Arizona. He and his group of shareholders intend to make a profit from their sales of fencing wire. Wiley’s is

Most states apply to a limited liability company (LLC) formed in another state the law of the state where the LLC currently does business.​

A sole proprietor does not own the entire business.

Wiley incorporates his business as Wiley’s Wire Inc. in Arizona. He and his group of shareholders intend to make a profit from their sales of fencing wire. Wiley’s is

Express powers of a corporation can be found in state corporation statutes, as well as other documents.