Sole Proprietorship
Who holds control and decision-making power over the business?
What is the Sole Proprietor
The number of owners
What are 2 or more?
It's what a corporation is.
A separate legal entity owned by shareholders.
This type of business is a separate legal entity, but similar to a partnership in taxation.
What is a S-Corporation?
LLC stands for?
What is Limited Liability Company (or Corporation)?
Non-profits exist for what purpose (for the most part)?
What is charity?
Owners of cooperatives are called this.
What are members?
Names of My Family
Stefanie, Kayla, Nathaniel
A one-word description of the level of difficulty in starting this type of business.
What is "EASY"?
In a partnership, financial liability is shared between all parties. What word describes how profits are divided?
What is equally?
A group of paid leaders elected by shareholders who hire CEO and decide on the major decisions of a business.
What is a Board of Directors?
Where do S corp. shareholders report income, gains and losses? hint: they avoid double taxation this way
what is Individual tax returns?
An LLC is designed to protect owners from personal responsibility for?
What is Debts?/ What is Liability?
A non profit's profits are
What is reinvested into the organization or utilized within the community, etc.
Who makes the big decisions in a coop?
What is voting democratically by members?
Baseball and Soccer
A group that is typically difficult to entice with the value of a Sole Proprietorship
What are Investors?
What are unlimited liability, partner conflicts, and difficult to raise funds?
Shares of a corporation can be
What is transferred to others easily?
100
What is the maximum number of shareholders/owners a S-Corp can have?
Profits and losses are passed to members who report them where?
What is Individual Tax returns?
What is who runs / oversees the operation of the non profit?
What is one disadvantage of cooperatives, mostly due to often being a small size?
What is it can be difficult to compete against larger businesses, so they sometimes join together for purchasing power?
Answer to one of yesterday's rhymes
Red's Gems, Hailey's Dailey's, Mike's bikes
How this type of business is taxed.
What is profit flows through and taxed as normal income on the owner's tax return?
A limited partner
Who is someone who invests as a partner in a partnership but does not have a managerial role. They only can lose up to their investments. Not involved with the day to day operations?
Two positives of having a corporation business structure.
What are any 2 of the following:
1. limited liability
2. Ease of ownership transfer
3. Easier to raise capital
4. Separate entity
A disadvantage of S-Corp
What is either:
1. It can be difficult to create
2. It is regulated heavily by the IRS in regards to following rules and regulations
If an owner is personally negligent for failure to follow safety protocols in their manufacturing process of their LLC.
What is they can be held personally liable even though the LLC has limited liability. Actions of individuals for crimes and torts enacted in their business can still be held liable?
Names of three not for profit organizations.
What is any 3 of so many. Red Cross, Goodwill, Heart Assoc., St. Judes, St. Baldrick's, any church, etc.!
It is what Chatham Food Co-op, Honest Weight Co-op, and Ace Hardware all have in common.
What is they are all co-ops?
Names of 3 of the guest speakers we had
Reid, Megan, Brya, Brian, Mike
An explanation of unlimited liability.
What is that the liabilities of the business are responsible by the owner, their personal property, assets. If loan cannot be repaid by the business, the owner is responsible - same regarding lawsuits.
What is passed through to each owner based on their partnership agreement?
Description of double taxation.
What is owners have to deal with corporate income tax and are taxed at both corporate and personal levels (through dividends)?
The business that visited that is set up as a S-Corporation.
Who is Top Form?
Explanation of self-employment taxes.
What is the profits from a business's that flow through to an individual's tax return are subject to an additional tax similar to social security and Medicare. It is 15.3%!?
Numbers and a letter that represent charitable non profit organizations. Hint, the letter is C.
What is 501(c)3?
Cooperatives are taxed like
What is other businesses, like corporations for the most part?
The girl smurf's name
Smurfette