ESB- Domain 1: Entrepreneurial and Small Business Concepts

Sarah works at an auto shop. She performs repairs & maintenance while abiding by the safety guidelines at the shop. Sarah also ensures that all work she performs adheres to company policies. She is paid an hourly wage. Which best describes the role that Sarah plays?

• CFO

• Stakeholder

• employee

• COO

Tags

ROLES

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

• LLC

• Sole Proprietorship

• non- profit

• S Corp

• Partnership

Tags

LEGAL STRUCTURES

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

• LLC

• Sole Proprietorship

• C Corp

• S Corp

• Partnership

Tags

LEGAL STRUCTURES

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

• LLC

• Sole Proprietorship

• C Corp

• S Corp

• Partnership

Tags

LEGAL STRUCTURES

Easy to create, but comes with unlimited liability

• LLC

• Sole Proprietorship

• C Corp

• S Corp

• Partnership

Tags

ROLES

Shared financial backing

• LLC

• Sole Proprietorship

• C Corp

• S Corp

• Partnership

Tags

LEGAL STRUCTURES

Has no ownership and pays no US federal taxes

• LLC

• Sole Proprietorship

• C Corp

• S Corp

• non- profit

Tags

LEGAL STRUCTURES

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

• CFO

• Stakeholder

• CEO

• Employee

• COO

Tags

ROLES

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

• CFO

• Stakeholder

• Founder

• Employee

• COO

Tags

ROLES

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

• CFO

• Stakeholder

• Founder

• Employee

• COO

Tags

ROLES