ownership
this type of business is owned by just one person.
what is a sole proprietorship?
in a sole proprietorship, the owner has this kind of liability.
what is unlimited liability?
profits from a sole proprietorship are taxed on this tax return.
what is the owner's personal tax return?
this is the main advantage of being a sole proprietor.
what is complete control?
the biggest disadvantage of a sole proprietorship is this.
what is unlimited liability?
this type of business is owned by two or more people who share responsibilities.
what is a partnership?
in a corporation, owners have this kind of liability.
what is limited liability?
corporations face this type of taxation on profits and dividends.
what is double taxation?
this is one advantage corporations have in raising money.
what is selling stock?
this is a disadvantage of partnerships when disagreements arise.
what is conflict between partners?
this business structure is owned by shareholders.
what is a corporation?
in a general partnership, partners share this type of liability.
what is joint and several liability?
partnerships and llcs are usually taxed this way, where profits pass through to the owners’ returns.
what is pass-through taxation?
llcs are attractive because they combine these two big advantages.
what are limited liability and pass-through taxation?
corporations face this disadvantage related to paying taxes.
whatt is double taxation?
this business structure combines elements of corporations and partnerships, often used by small businesses.
what is an llc?
an llc provides this kind of liability protection to its owners.
what is personal liability protection?
this type of corporation avoids double taxation by meeting special irs requirements.
what is an s corporation?
partnerships can benefit from this, since two or more owners bring different skills.
what is shared expertise (or resources)?
llcs can face this disadvantage, which varies by state.
what are extra fees?
this type of business is owned and operated for the benefit of its members, often seen in credit unions or farms.
what is a cooperative?
in this type of partnership, some partners have limited liability while others have full liability.
what is a limited partnership?
a nonprofit corporation does not pay these kinds of taxes if it meets government requirements.
what are federal income taxes?
nonprofit corporations can receive these to help fund their mission.
what are tax-deductible donations/grants?
this type of corporation requires strict rules and board meetings.
what is a 'c' corporationn?