Business Structures and Legal Requirements

What is the easiest business structure to choose?

• Sole proprietorship

• Partnership

• Corporation

• Nonprofit corporation

Which business structure provides limited liability?

• Sole proprietorship

• Partnership

• Corporation

• Cooperative

Which business structure allows you to sell stock to the public?

• Sole proprietorship

• Partnership

• Corporation

• Limited liability company

Which business structure focuses on social good?

• Sole proprietorship

• Partnership

• Benefit corporation

• Limited liability company

Which business structure is a hybrid of a corporation and partnership?

• Sole proprietorship

• Partnership

• Corporation

• Limited liability company

Which business structure is owned by the people using it?

• Sole proprietorship

• Partnership

• Corporation

• Cooperative

Which business structure is tax-exempt and does charity work?

• Sole proprietorship

• Partnership

• Corporation

• Nonprofit corporation

What is the first step to register a business in the U.S.?

• Obtain an Employer Identification Number

• Register with the Secretary of State

• Apply for a business license

• File taxes

What is the advantage of choosing a partnership over a sole proprietorship?

• Limited liability

• Ability to sell stock

• Easier tax filing

• More protection for personal assets

What is the main drawback of a sole proprietorship?

• Limited liability

• Difficulty in raising investment money

• Complex paperwork

• Double taxation