Sole Proprietorships
The kind of liability that comes with having a sole proprietorship.
What is Unlimited Liability?
A partnership where one partner provides capital but has no decision-making power and is only liable for the amount invested.
What is a Limited Partnership?
This type of corporation must have only one form of stock.
What is S Corporation?
Personal money invested
What is Capital Contribution?
This happens if the owner of the sole proprietorship dies
What is the company ends?
Runs the day to day operations of an LLC
What is a Manager?
This type of corporation is allowed to keep all profits.
What is C Corporation?
Extra money made by the corporation that is given back to the shareholders.
What is Dividends?
The tax that a sole proprietorship has to pay.
What is Self-Employment Tax?
Power and decision making are split in this way in a partnership.
What is Equally?
This type of corporation cannot have more than 30 members.
What is a Closed Corporation?
Something that signifies ownership in a corporation.
What is Stock?
A word used to describe starting and managing a sole proprietorship.
What is Simple or Easy?
The liability involved in a just a normal partnership.
What is Unlimited Liability?
This type of coporation is taxed like a partnership.
What is LLC?
A document that determines, defines, and sets the rights of the partners and distributes income received from the partnership.
What is an Operating Agreement?
The number of owners involved in a sole proprietorship.
What is 1 owner or entity?
A legal form of business offering set losses
What is LLC?
This type of corporation passes profits onto shareholders, and they pay taxes on the profits.
What is S Corporation?
A professional organization offering something that has real existence.
What is Business Entity?