Filing Requirements for Sole Proprietorship

Filing Requirements for Sole Proprietorship

Assessment

Interactive Video

Business, Social Studies

University

Hard

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The video tutorial explains the legal requirements for forming a sole proprietorship, emphasizing that no state filing is needed to start one. However, certain situations require filing or announcing the business status to the public. It covers the 'Doing Business As' (DBA) or fictitious name filing, which is necessary when operating under a name different from the owner's. Additionally, obtaining a business license from the local governing body is essential for legal business operations.

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5 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What is required to form a sole proprietorship?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

In what situations might you be required to file or announce your business entity status?

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the business name registration requirements for a sole proprietorship?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

What is a fictitious name filing and when is it necessary?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

Why is it important to obtain a business license for a sole proprietorship?

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