Resources Online Training Choosing the Right Structure for your Business Name* First Last Email* 1. If you’re unsure of which business structure you should choose you should?* Ask your friend Talk to your CPA Choose Sole Proprietorship Randomly guess 2. When is asset protection important?* Growing rapidly, acquiring new customers, making significant amounts of money, or the business is inherently risky When you get married Slow growth, familiar customers, making small amounts of money, or a non -risky business Never 3. What are the four business structures?* Sole Proprietorship, Partnerships, LLC, Corp Taxable, Non-taxable, Tangible, Non-tangible For Profit, Nonprofit, Charitable, Non-charitable None of the above 4. What are advantages of an LLC?* Doesn’t need a registered agent Simpler business structure, less paperwork, easier to start/ maintain, increased credibility, asset protection. Doesn’t have to register with SoS 100% bulletproof limited liability 5. What are traits of an informal business structure?* Less paperwork to file No assets protection Low risk testing All the above 6. What are informal business structures?* Sole Proprietorships and General Partnerships 501 (3) (c) LLC's and Corps None of the above 7. What are formal business structures?* 501 (3) (c) LLCs and Corps Sole Proprietorships and General Partnerships None of the above 8. Disadvantages to S-Corp* No restrictions on amount of shareholders No asset protections Double Taxation More complicated, requires additional paperwork, requires additional accounting services, more scrutinized by IRS 9. What is the default tax status of a corporation?* Pass through K1 Schedule C None of the above 10. What is the presenters name?* Tim the Tool Man Trainer Timmy with The Thankful Business Man Tony with The Really Useful Information Company Tom The Business Guide This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.