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 Randomly guess Ask your friend 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 Never Slow growth, familiar customers, making small amounts of money, or a non -risky business 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?* 100% bulletproof limited liability Doesn’t have to register with SoS Simpler business structure, less paperwork, easier to start/ maintain, increased credibility, asset protection. 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* Double Taxation No asset protections More complicated, requires additional paperwork, requires additional accounting services, more scrutinized by IRS 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?* Tom The Business Guide Tim the Tool Man Trainer Tony with The Really Useful Information Company Timmy with The Thankful Business Man This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.