Compliance - Business Structures

What type of taxation is applied to a Sole Proprietorship?

• Double taxation

• Personal income taxation

• Corporate taxation

• Pass-through taxation

What is the liability status of a general partner in a General Partnership?

• Limited liability

• Liability up to investment

• No liability

• Unlimited personal liability

What type of liability protection does an LLC offer its members?

• Liability up to investment

• Unlimited liability

• Limited liability

• No liability

Which business structure is subject to double taxation?

• S-Corporation

• General Partnership

• C-Corporation

• Sole Proprietorship

What is required for a Corporation in terms of governance?

• No governance rules

• Simple governance

• Flexible governance

• Strict rules

What type of taxation does an S-Corporation use?

• Corporate taxation

• Pass-through taxation

• Personal income taxation

• Double taxation

Which business structure are financial records needed?

• Sole Proprietorship

• C-Corporation

• Partnership

• Limited Liability Company (LLC)

Which business structure requires maintaining meeting minutes and bylaws?

• Sole Proprietorship

• General Partnership

• Corporation

• Limited Liability Company (LLC)

What type of business license is required for a Sole Proprietorship?

• Federal business license

• Business license

• State business license

• No license required

Which business structure is governed by a partnership agreement?

• Limited Liability Company (LLC)

• Corporation

• General Partnership

• Sole Proprietorship