Set up a Business Entity
Interactive Video
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Business, Social Studies
•
University
•
Hard
Wayground Content
FREE Resource
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7 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the default business entity type that arises when two or more individuals start a business activity?
Sole Proprietorship
General Partnership
Corporation
Limited Liability Company
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must be done to create an LLC or corporation?
Hire a business consultant
Obtain a business license
Register with the local chamber of commerce
File publicly with the Secretary of State
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in the filing process for a business entity?
Submit articles of organization
Identify the business location
Appoint a registered agent
Reserve the business name
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What information is typically included in the articles of organization?
Employee handbook
Marketing strategy
Primary place of business and registered agent
Business name and logo
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is often identified in the articles of organization as the person bringing the business into existence?
The accountant
The promoter
The legal advisor
The CEO
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must be identified when issuing more than one class of stock in a corporation?
The stock market value
The stock exchange
The classes of stock
The stockholder's names
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What document serves as evidence that a business is legally in existence?
Business license
Certificate of incorporation or organization
Tax identification number
Business plan
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