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?* Talk to your CPA Choose Sole Proprietorship Ask your friend Randomly guess 2. When is asset protection important?* Slow growth, familiar customers, making small amounts of money, or a non -risky business When you get married Never Growing rapidly, acquiring new customers, making significant amounts of money, or the business is inherently risky 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 have to register with SoS Simpler business structure, less paperwork, easier to start/ maintain, increased credibility, asset protection. 100% bulletproof limited liability Doesn’t need a registered agent 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* More complicated, requires additional paperwork, requires additional accounting services, more scrutinized by IRS Double Taxation No asset protections No restrictions on amount of shareholders 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?* Timmy with The Thankful Business Man Tony with The Really Useful Information Company Tim the Tool Man Trainer Tom The Business Guide This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.