WorksheetsBizInnovator Startup - Launching Your Startup
Total questions: 17
Worksheet time: 12mins
Select the key advantages as they apply to: (Sole) Proprietorship
All decisions made by 1
High startup costs
Subject to additional federal taxes
Profit shared among partners
Select the key advantages as they apply to: C-Corp (default corporation)
Stocks provide funding options; many tax deductions; no shareholder liability
Limited personal liability for all shareholders
Easier to raise capital through private investments
No requirement for annual meetings or record-keeping
Which term is associated with a number that identifies your business to your state and the federal government?
Tax ID
Business License
Employer Identification Number (EIN)
Sales Tax Permit
Key advantages of Nonprofit: Serve the common good, exempt from taxes, Employees only taxed on income, Owners can deduct many losses on personal returns; losses share between partners, Low failure rate, business assistance, buying power, name recognition, potential for large profits
Serve the common good, exempt from taxes
Maximize profits for owners
High employee salaries
Limited community impact
Select the key advantages as they apply to: Co-op
Employees only taxed on income
Employees receive a fixed salary regardless of profit
Employees have no say in business decisions
Employees are taxed on both income and dividends
What is the primary purpose of the SWOT Analysis?
To evaluate 4 areas important to a businesses success
To analyze market trends and consumer behavior
To assess financial performance and profitability
To identify potential investment opportunities
Company culture is NOT:
developed quickly.
created overnight.
established in a day.
formed without effort.
What is the primary purpose of the PESTEL Analysis?
To analyze internal strengths and weaknesses of a business
To examine external variables that affect your business model
To assess the financial performance of a company
To evaluate employee satisfaction and engagement
The primary differences between the BMC and Business Plan would be:
The business plan is a formal written plan used to secure funding.
The BMC is a detailed financial analysis tool.
The business plan focuses solely on marketing strategies.
The BMC is used for short-term project planning.
Select the key advantages as they apply to: LLC
Protected from liability
Complex tax structure
High startup costs
Limited operational flexibility
Key advantages of a General Partnership include: Owners can deduct many losses on personal returns; losses share between partners.
Owners can deduct many losses on personal returns; losses share between partners.
Owners are personally liable for all debts of the partnership.
Partners must share profits equally regardless of contribution.
Partnerships are subject to corporate tax rates.
True or False: SWOT and PESTEL Analyses are completed early in the business formation and can be used as-is throughout the business life cycle.
True
False
Only during the initial phase
Only for large corporations
Examples of key Business Partners that may be listed on the Business Model Canvas include: Distributor, Personal Bank Contact, Accountant, Risk Management Agent, CEO.
Distributor, Accountant, Risk Management Agent.
Personal Bank Contact, CEO, Risk Management Agent.
Distributor, CEO, Personal Bank Contact.
Accountant, Personal Bank Contact, Risk Management Agent.
Intellectual property is important to understand because:
It will protect your idea, product or service from someone stealing your idea.
It is only relevant for large corporations.
It has no real impact on small businesses.
It is a legal requirement for all businesses.
Select the key advantages as they apply to: Franchise
High initial investment
Low failure rate
Limited market reach
Inflexibility in operations
Key advantages of Limited Partnership: Good for raising money; Gen partners get money but maintain authority; Ltd partners can leave any time.
Good for raising money; Gen partners get money but maintain authority; Ltd partners can leave any time.
Limited partnerships have no liability for general partners.
Limited partners must stay for a minimum of five years.
General partners cannot withdraw their investment.
Select the key advantages as they apply to: S-Corp
No corporate taxation; no double taxation, no shareholder liability
Limited liability for all shareholders
Ability to issue multiple classes of stock
Tax benefits for foreign investors
