Business Structure
business structure that combines liability protection with flexible taxation and management options
Limited Liability Company
a tax imposed by governments on the income earned by individuals and businesses
Income Tax
of 1914 is the primary U.S. law that created the Federal Trade Commission
Federal Trade Commission Act
a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public
Communism
the central bank of the United States, responsible for managing monetary policy, regulating banks, and maintaining financial stability
Federal Reserve
Type of partnership that creates a separate legal identity and provides all members with limited liability
LLP Limited Liability Partnership
An amount that can be taken out of the calculated income tax due
Tax Deductible
a comprehensive U.S. federal law enacted on July 21, 2010 in response to the 2007–2008 financial crisis, commonly called the Consumer Protection Act
Dodd–Frank Act
an economic and political system in which a country's trade and industry are controlled by private owners for profit
Capitalism
an independent U.S. federal agency responsible for regulating securities markets, protecting investors, and ensuring fair and efficient market operations
Securities and Exchange Commission
type of partnership that has both general and limited partners with differing liability.
LP Limited Partnership
the divisions at which tax rates change in a progressive tax system
Tax Bracket
a 1914 U.S. federal law designed to prevent anticompetitive business practices by prohibiting specific conduct that could lead to monopolies
Clayton Antitrust Act
an economic and political system characterized by social ownership of the means of production, centralized planning, and the prioritization of social welfare over private profit
Socialism
part of the executive branch of the federal government, created to manage government revenue and oversee the nation’s finances
U.S. Treasury
a legal business entity that is taxed separately from its owners. It allows for an unlimited number of shareholders and multiple classes of stock, providing flexibility for raising capital.
C Corporation
a Wage and Tax Statement used by employers to report an employee’s annual wages and the taxes withheld to both the employee and the IRS
W-2
a U.S. federal law enacted in 1936, also known as the Anti-Price Discrimination Act
Robinson–Patman Act
employment in which an individual works fewer than 30–35 hours per week.
Par-time Employment
a class of equity that provides shareholders with priority in dividends and asset claims, often combining features of both stocks and bonds
Preferred stock
a U.S. corporation that elects a special tax status allowing income, losses, deductions, and credits to pass through to shareholders, avoiding federal corporate income tax
S Corporation
a tax form used to report income received from sources other than an employer, typically for freelancers, independent contractors, or other nonemployee payments
1099
a 1890 U.S. federal law designed to protect trade and commerce from unlawful restraints and monopolies
Sherman Antitrust Act
employment in which an individual works a set number of hours per week, typically between 35 and 40 hours
Full-time Employment
the buying or selling of a company’s securities based on material, nonpublic information, often in violation of a fiduciary duty or trust
Insider Trading