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WorksheetsBusiness Structures and Legal Requirements
Total questions: 10
Worksheet time: 5mins
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
