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WorksheetsStarting and Ending a Corporation ACNT 2 3.2.2
Total questions: 10
Worksheet time: 5mins
Susan wants to incorporate her photography business. What is the first step she should take in becoming incorporated?
Choosing a name
Filing with the IRS for an Employer Identification Number (EIN)
Filling out the articles of incorporation
Writing the corporate bylaws
What can Susan do to make sure her proposed business name is available to incorporate in her state?
Check the telephone directory to see if the name is in use
Search the Secretary of State's name database for similar names
Travel around town looking at business signs to see if the business name is in use
Search on the internet for the business name
Susan has determined her business name is available. What is the next step she should take for incorporating her business?
File with the IRS for an employee identification number (EIN) under the name of her business
Create business cards with the name of her business
Gather necessary stakeholders, including a board of directors
Determine which corporate structure she will incorporate under
Which document is written by Susan and her corporation's other owners at the time of its founding?
Certificate of incorporation
Directors' and shareholders' resolutions
Shareholders' agreements
Corporate bylaws
What should Susan do after she has written her corporation's bylaws?
Decide which type of corporation to form
Determine employee wages and benefits
Register her employee identification number (EIN) with the IRS
Complete articles of incorporation
Susan needs to file the articles of incorporation for her business. Where can she find the paperwork needed to do so?
The public library
The Secretary of State's website
The local Social Security office
The IRS's website
What will Susan need to do with the articles of incorporation after she completes them?
File them with the IRS
Sign and mail them to the city council with applicable fees
Sign and mail them to the Secretary of State with applicable fees
File them with the Better Business Bureau
To determine additional requirements for the state she will be doing business in, Susan should visit the website of the _____.
Internal Revenue Service
Secretary of State
Social Security Administration
U.S. Small Business Administration
Corporate governance is composed of all of the following EXCEPT _____.
financial advisers
a board of directors
executives
governance documents
Which type of corporation passes corporate income, losses, deductions, and credit through to their shareholders for federal tax purposes?
C corporation
S corporation
Limited liability company (LLC)
Not-for-profit organization
