Sole Proprietorships
in a sole proprietorship, this person is responsible for all the business debts or legal actions
owner
What does LLC stand for?
Limited Liability Company or Limited Liability Corporation
Partners are responsible for what?
Business debts
The people who have ownership in this type of business are called what?
shareholders/stockholders
Causes/Social Good
The business and owner are the same legal what?
Entity
Type of taxation for this business
pass through taxation
Type of taxation for this business
pass through taxation
C-corps can easily raise money by selling what?
shares of stock
This document must be filed to start an non-profit
Articles of Incorporation
An advantage when it comes to the profits of the business
Owners keep all profits
The number this business needs in order to finalize registration
EIN (employer identification number)
General partnerships are easier to form than this type of business
corporation
Type of taxation
Double taxation
Tax-exempt status under the IRS is called what?
501(c)(3)
The business ends when
The owner dies or is incapacitated
LLCs can decide to become this type of business formation later down the road.
Corporation
Type of liability for this type of business
unlimited liability
To start this type of business, this is the document that needs to be filed
articles of incorporation
Donors can receive this when they give to a 501(c)(3) non-profit
tax deduction
The tax form is used to report income and expenses
Schedule C
Owners enjoy what type of protection with this business formation?
Not responsible for all the business debts (limited liability)
What happens when a partner dies or leaves if there is no specific dissolution agreement?
partnership ends, business is dissolved.
Corporations are separate from their owners and considered a separate what?
entity
Must have a board of what?
directors