Tax
taxed on own personal income.
True or False
Sole Proprietorship
McDonald's, Subway, 7-Eleven, Dunkin', Taco Bell, KFC, Burger King, Ace Hardware, ect.
What is limited liability
Can only take back what they put in to the business
How are Partnerships taxed.
pay tax on individual earnings.
Who does C corporation sell shares of stock to? And how many?
General Public, unlimited
Which Business is managed by a board of directors?
Corporations
Which franchise gives you a guide to be successful?
Business-format
What is unlimited liability?
Taking personal assets to pay of debts
How are private and C corporations taxed
Dual/Double Taxation
Which corporation operates to accomplish a specific mission, not focused on making a profit.
Non Profit
Which business type has liability protection
LLC
Piggyback
How are S corporations taxed.
Avoid dual taxation and pay tax on personal income.
Why do People create S corporation.
Avoid dual taxation, and saves more money
Which Business should you open to combine experience?
Partnerships
Which franchise does a supplier gives you stock to sell products and the business name is chosen by the franchisee?
Product trade name
How are non profit corporations taxed.
Not taxed
What does the type of corporation determine.
How it is taxed and which legal guidelines it must follow.
What are the 2 kinds of Partnerships is there? Which one has unlimited liability for each partner?
General Partnerships - Both have unlimited liability
Limited Partnerships
3 Types of franchise
Business-format
piggyback franchising
product trade name franchise.