NC Secretary of State
T/F: Anyone can use CPA and Realtor in their business name
False
Which business type has the least liability protection
Sole Proprietorship
What are the two options for accounting method?
Accrual accounting & Cash Accounting
What should you get to protect against business liability
Business Insurance
What do you want to keep for business deductions
Receipt, invoices, documentation etc.
Physical location, could be outside NC, cannot be PO box
Which entity type provides the most legal protection
Corporation
Business Entities should receive this that is basically their social security number for their business
EIN: Employer Identification number
Some industries may require certain other permissions
Permits & Licenses
What can you use documents to create?
Individual who acts as the point person for your LLC
Registered Agent
Name an entity that is taxed as a passthrough
LLC or S Corp etc.
Business owners have to pay what tax in addition to income tax
Looking for Self employment tax but may also get FICO, FUTA
It is wise to do this with your bank as a business owner
Open Business Bank Account
What document do you create based of the bank statement at the end of the period?
Bank Reconciliation
Are there requirements after creating an LLC?
Yes, Annual Report, Fee
T/F: S Corp is primarily a tax designation
True
Name a business deduction
Depreciation, home, travel etc.
investigative work prior to starting a business
Looking for market research, will accept fundraising as well.
Name a record to keep track of inventory
Invoice, Sales slip, receipts, checks
What is the fee to submit articles of organization
$125
What type of entity is made up of 2 individuals? (Best answer or most specific choice)
LLP or partnership
Business Owners should make tax payments how often?
Looking for quarterly tax payments
Contract for the LLC members
Operating Agreement
How long should you keep records
Statute of limitations