Sole Proprietorship
Who holds control and decision-making power over the business?
What is the Sole Proprietor
2 or more necessary.
What are owners?
A group of leaders elected by shareholders that are legally mandated to hold annual meetings
What is a Board of Directors?
Another name for an S corporation
What is S subchapter?
LLC stands for?
What is Limited Liability Corporation?
A group that is typically difficult to entice with the value of a Sole Proprietorship
What are Investors?
In a partnership, financial liability is shared between all parties. What word describes how profits are divided?
What is equally?
Owners have to deal with corporate income tax and are taxed at both corporate and personal levels. The term to describe this kind of taxation is?
What is Double taxation?
Where do S corp. shareholders report income, gains and losses? hint: they avoid double taxation this way
what is Individual tax returns?
An LLC is designed to protect owners from personal responsibility for?
What is Debts?/ What is Liability?
Because of where liability falls, taxation occurs under this process form filed by the owner.
What is schedule c on the personal income tax form 1040?
In taxation, what tax is avoided as a benefit of forming a partnership instead of a corporation?
What is Corporate income tax?
In a C corporation it is required for shareholders and owners to register with ____ upon reaching specific thresholds.
What is Securities and Exchange Commission (SEC)?
If the corporation meets ___ requirements, it may pass income, credits, deductions and losses directly to shareholders without having to pay federal corporate taxes.
What is Internal Revenue Code?
Profits and losses are passed to members who report them where?
What is Individual Tax returns?
FINAL JEOPARDY: Which Ownership type has regulations to follow that may very from state to state?
What is LLC?