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Types of Business Ownership Flashcards | StudBud
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Types of Business Ownership
Types of Business Ownership
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1
An entity that pays its own tax on its own earnings
S Corporation
C-corporation
nonprofit corporation
limited liability company
2
Corporation that makes money for reasons other than the owner's profit
C-corp
limited corporation
S-Corp
non-profit corporation
3
In a C-corporation, the shareholders are protected from being sued by debts and actions of the
partners
corporation
shareholders
IRS
4
partner who has unlimited liability
unlimited
silent
general
primary
5
If you hire employees, you need a/an
references
State Sales Tax Number
Employer Identification Number (EIN)
Social Security Number
6
To operate as sole proprietorship and use a name other than your own, you must have......
Limited Liability Company (LLC)
'Doing Business As' Certificate (DBA)
Small Business Administration (SBA)
Certified Public Accountant (CPA)
7
An S-corp is taxed like a
small business
nonprofit
C-corp
partnership
8
An owner who has full responsibility for all debts and actions of the business has....
unlimited liability
liability protection
equity
limited partnership
9
Unincorporated business with two or more owners
corporation
proprietorship
partnership
venture
10
To form a corporation, the entrepreneur must file a
tax return
Certificate of DBA
Certificate of Incorporation
Sales tax id number
11
Owners of a corporation
shareholders
stockbrokers
founders
board of directors
12
Business that is owned or operated by one person
Limited Partnership
Cooperative
Creative Proprietorship
Sole Proprietorship
13
LLC stands for:
Limited Leasing Corporation
Legal Liability Company
Limited liability company
Liability Leasing Company
14
If you are a vendor or retailer (if you sell items) you need a/an
Sales tax id number
Income tax return
DBA
Employee Identification Number
15
Many law firms and medical firms choose to form a ___ to protect their partners
S-Corp
Corporation
general partnership
LLC
16
registered by the state and operates separate from its owners
corporation
firm
company
proprietorship
