Resources Online Training LLC Vs Sole Proprietor: Which is better for your business? Name* First Last Email* 1. What is a Sole Proprietor?* Owns a P-Corp Owns a Corporation Business Owns a S-Corp Owns an Unincorporated Business by himself or herself 2. All the earnings that a sole proprietorship has made is __% entitled to the owner and should be paid out.* 100 50 10 90 3. There is not a separate business tax return for sole proprietorship.* True False 4. To complete a Schedule C, you would not need...* A business profit and loss statement for the tax year Business Names Last year’s taxes Social Security Number or EIN 5. Sole Proprietors pay self-employment taxes when income is over.* $1000 $400 $100 $500 6. LLC stands for...* Liability Legal Company Live Local Company Limited Liability Company Liability Limited Company 7. If you are one person who owns an LLC and you don’t make any tax elections the IRS considers your LLC...* Illegal by default Inactive by default Disregarded Entity by default Defaulted 8. The pro of having an LLC is.* Flexibility Tax Treatment Limited Liability or protection of personal assets Possibility to have multiple owners. All the above 9. An LLC owner is called a...* Sole Proprietor Member Owner Boss 10. Who is the speaker for this video?* Krystal Harris Krystal Marie Ball Krystal Jung Krystal A. Standberry This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.