What are some advantages that come with an S-Corp?

Tax savings, Business tax credits

What might be some disadvantages within a sole proprietorship?

Personal unlimited liability, Difficult raising $

These are some advantages of a sole proprietorship:

Complete Control, Inexpensive to form, Easy tax preparation

________ Are advantages of a corporation.

Limited Liability, Unlimited life

Disadvantages of a Corporation include:

Time and money, Double taxing, Additional paperwork

Disadvantages of an S-corp include:

Can't go public, Limited # of investors

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Entrepreneurship Business Ownership Structures or Types

16 termsStudBud Administration94 plays

Exploring different types of business structures.

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Questions 16

Answers

1
A legal filing that may protect debtors from debt collection by creditors
Chapter 4 liquidation
franchise
cooperative
bankruptcy
2
This business structure is created to get limited liability but have flow through taxes IRS
Sole Proprietorship
Partnership
LLC
S-Corp
3
What are some advantages that come with an S-Corp?
Limited Liability, complete control, time and money
Tax savings, Business tax credits
complete control, easy tax preparation, heavy burden
There are none
4
A business with two or more people that has mutual agency/flow taxes/unlimited liability
Corporation
Sole Proprietorship
Partnersip
LLC
5
An organization that is owned and run jointly by its members who share the profits/benefits
corporation
franchise
cooperative
Limited Profit
6
An organization that is operated on a not-for-profit basis - usually charities, etc....
mission corp
not-for-profit
benefit corporation
corporation
7
What is a now the most common type of new businesses formed in the US?
Partnerships
Corporation
Sole Proprietorship
Limited Liability Companies
8
A business that buys the right to sell a company's goods or services-operate under their brand
franchise
patent
cooperative
trademark
9
What might be some disadvantages within a sole proprietorship?
There are only advantages
Personal unlimited liability, Difficult raising $
Complete control, Easy tax preparation, Inexpensive to form
Time and money, Double Taxing, Additional paperwork
10
These are some advantages of a sole proprietorship:
There are no advantages
Complete Control, Inexpensive to form, Easy tax preparation
Tax Savings, Complete Control, Independent life
Independent life, Tax savings, Stric operational process
11
________ Are advantages of a corporation.
Strict operational process, Single class of stock
Limited Liability, Unlimited life
Time and Money, Double Taxing, Easy tax preparation
Complete control
12
This type of business is owned an run by one individual who is entitled to all profits.
Partnership
Corporation
Sole Proprietorship
S-Corp
13
Disadvantages of a Corporation include:
Limited liability, Ability ro generate capital, Heavy burden
Time and money, Double taxing, Additional paperwork
Stock restrictions, Limited liability, Time and money
Heavy burden, Time and money, complete control
14
Disadvantages of an S-corp include:
Independent life,Complete control, Additional paperwork
Can't go public, Limited # of investors
Double taxing, Corporate Tax Treatment, Time and Money
Hard to raise money, Time and money, Limited Liability
15
An example of a benefit corporation
Ben and Jerry's
Tom's of Maine
General Motors
Kickstarter
16
A___________ is an independent legal entity/artificial being owned by shareholders.
S-Corp
Sole Proprietorship
LLC
Corporation

Entrepreneurship Business Ownership Structures or Types Flashcards | StudBud