Legal process
How many legal structures are there?
4
In a sole proprietorship, how many people contribute to the buisiness?
1
Name two advantages of being a sole proprietor?
You are your own boss, you make you own schedule, you get 100% of income, you can pursue your own dream
List a sole proprietorship business that we have mentioned?
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Which legal structure step is the most important?
Getting a business license or permit.
Name two important things that a sole proprietor does for the business?
Puts money into business
markets business
completes services
Name two disadvantages of being a sole proprietor?
You are the only one responsible for your business, You have nobody to contribute different ideas and other points of view, You have to put your own money into the business to start it and run it
List an interesting fact that we went over about sole proprietorship?
The most common U.S business type, You don’t have to file with the state in order to start a business
Name one of the legal structure steps
Business name, Employer Identification Number, A license or permit, Tax return
Explain why you would or would not want to be a sole proprietor? (Top 2 answers)
Whoever provides more examples.