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Choosing the Right Structure for your Business
Name
*
First
Last
Email
*
1. If you’re unsure of which business structure you should choose you should?
*
Choose Sole Proprietorship
Randomly guess
Talk to your CPA
Ask your friend
2. When is asset protection important?
*
Never
When you get married
Growing rapidly, acquiring new customers, making significant amounts of money, or the business is inherently risky
Slow growth, familiar customers, making small amounts of money, or a non -risky business
3. What are the four business structures?
*
Sole Proprietorship, Partnerships, LLC, Corp
Taxable, Non-taxable, Tangible, Non-tangible
For Profit, Nonprofit, Charitable, Non-charitable
None of the above
4. What are advantages of an LLC?
*
Doesn’t have to register with SoS
Simpler business structure, less paperwork, easier to start/ maintain, increased credibility, asset protection.
Doesn’t need a registered agent
100% bulletproof limited liability
5. What are traits of an informal business structure?
*
Less paperwork to file
No assets protection
Low risk testing
All the above
6. What are informal business structures?
*
Sole Proprietorships and General Partnerships
501 (3) (c)
LLC's and Corps
None of the above
7. What are formal business structures?
*
501 (3) (c)
LLCs and Corps
Sole Proprietorships and General Partnerships
None of the above
8. Disadvantages to S-Corp
*
No restrictions on amount of shareholders
Double Taxation
More complicated, requires additional paperwork, requires additional accounting services, more scrutinized by IRS
No asset protections
9. What is the default tax status of a corporation?
*
Pass through
K1
Schedule C
None of the above
10. What is the presenters name?
*
Tom The Business Guide
Tony with The Really Useful Information Company
Timmy with The Thankful Business Man
Tim the Tool Man Trainer