MIYB: Unit 2 Formative

Match the following

• responsible or answerable by law

• liability

• money raised to help fund your business

• sole proprietorship

• legal guidelines that tells business managers what to do

• bylaws

• simplest form of business, not a legal entity

• profit

• money made by a business after all expenses are paid

• capital

Explain the difference between an LLC and an LLP.

The _____________ is like your business' social security number.

When you incorporate a business, it becomes its own entity. You receive a certificate of incorporation which is like a _____________________________ for a human.

The EIN is filed with the _______.

You file your Articles of Incorporation with the ____________________________.

Which company provides protections for you and holds the company itself responsible for something that could go wrong?

• Sole proprietorship

• Limited Liability Corporation

• Partnership

• Limited Liability Company

Explain the concept of MARKET RESEARCH. Be sure to include what a TARGET AUDIENCE is and why market research is important to any business.

(You should have three parts to your answer!)