Legal Structures
A business with no ownership and no U.S. federal taxes.
What is a non-profit organization?
The person that creates the company.
Who is the founder of the company?
The definition of equity.
What is non-cash compensation?
The first business life cycle stage.
What is the existence stage?
The first step in the design thinking process.
What is Empathize?
The ideal legal structure for a single owner seeking low risk.
What is an LLC?
The person that reports to the board of directors.
Who is the CEO?
The set amount of pay in a given period of time.
What is salary?
The business Life cycle stage that decides whether the business survives or not.
What is the survival stage?
The step in the design thinking process that clearly identifies the problem and why it needs to be fixed.
What is Define?
The definition of a partnership.
What is shared financial banking?
The overseer of the company's finances.
Who is the CFO?
The set rate of pay based on hours worked.
What is hourly pay?
The third business life cycle stage.
What is the success stage?
The step in the design thinking process where an idea of an effective solution is formed.
What is Ideate?
A business with a lower tax rate, which prevents the company from being double-taxed.
What is a S Corporation?
Someone who owns stock in the company.
What is a stockholder?
Where commission is usually found in.
What are sales roles?
The business life cycle stage that decides if the business should keep growing or be sold to someone else.
What is the take-off stage?
The step in the design thinking process where an actual physical model is established.
What is Prototype?
A business that is easy to create and comes with unlimited liability.
What is proprietorship?
The person that oversees the daily operational and administrative functions of the company.
Who is the COO?
What all employees receive.
What is compensation?
The final business life cycle stage.
What is the exit plan stage?
The final step of the design thinking process.
What is Test?