Sole Proprietorships
Partnerships
Limited Partnerships
Limited Liability Companies
Corporations
100
NO.
If you are a sole proprietor, do you have to hire and fire people?
100
General & Limited.
What is a limited partnership consist of?
100
ONE.
What is the minimum number of individuals allowed in an LLC entity?
100
An artificial person.
What is a corporation often referred to as?
200
Unlimited and Personal.
What is the liability given to a sole proprietor?
200
Both are liable.
What is the legal concern for tort in a partnership entity?
200
Normally Non-Managerial.
What is the responsibility of a Limited Partner?
200
The name LLC or the words Limited Liability company.
What must be included in the name of a LLC company?
200
Articles of Incorporation?
What is the state requirement (legal requirement) to form a Corporate entity.
300
Operating as an LLC, a Sole Proprietor would qualify for taxation benefits, limited tort liability and improved survivorship benefits.
Is it beneficial to become an LLC as a Sole Proprietor? (Why? or Why Not?)
300
The right to their share of the partnership's profits.
What is the individual ownership?
300
Safe Harbor Provisions.
What is the benefit given from tort, taxation and debt liability for a LLC.
300
Ability to shelter members from personal liability.
What is the liability advantage of LLC?
300
Holding something intrusted to another?
What is fiduciary duty.
400
Everything.
What is liable for taxation in a sole proprietorship?
400
Based on factors influencing individual tax brackets.
What is taxation in a partnership entity?
400
Obligate to contract.
What is "the line" in a Limited Partnership?
400
Declares rights and duties of LLC members.
What is an LLC operating agreement?
400
The standard that companies are held to?
What is a duty of care.
500
1040 (Long Form) The Schedule C and Schedule A Forms are additions to (components of) the IRS 1040 Form.
What is the form number used for tax filing by a sole proprietorship?
500
The Partnership is liable to the state.
What is the death of a partner in a partnership?
500
None.
What is the difference between Limited Partnership and Traditional Partnership taxation?
500
To chose the approach (partnership, corporation, or sole proprietor).
What is the advantage of LLC taxation?
500
Married Filing jointly <$73,800 Single Filing Individual < $36,900 Zero tax liability(!!!)
What is current lower tax bracket exclusions for capital gains tax.
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