ESB- Domain 1: Entrepreneurial and Small Business Concepts

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an individual hired by a company and compensated for their work

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employee

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ROLES

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A for-profit corporation with a lower tax rate that prevents the company from being double taxed.

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S Corp

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LEGAL STRUCTURES

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Profits are taxed when earned, and then the shareholders' dividends are taxed after they are distributed. This legal structure is best for international businesses.

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C Corp

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LEGAL STRUCTURES

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Allows the owner to pay taxes on their profits or losses through their own taxes using a personal tax rate. This legal structure is ideal for a single owner seeking low risk.

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LLC

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LEGAL STRUCTURES

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Easy to create, but comes with unlimited liability

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Sole Proprietorship

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ROLES

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Shared financial backing

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Partnership

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LEGAL STRUCTURES

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Has no ownership and pays no US federal taxes

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non-profit

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LEGAL STRUCTURES

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Makes major decisions for the company, oversees operations and resources, comes up with the company's vision, strategies, and mission, and reports to the board of directors

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CEO

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ROLES

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Manages and plans the cash flow, creates budgets, and forecasts whether the company will meet the set budget requirements

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CFO

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ROLES

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Oversees the business's day-to-day operational and administrative functions

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COO

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ROLES