Choosing the Right Structure for your Business - Choctaw Nation Small Business Development

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1. If you’re unsure of which business structure you should choose you should?*

2. When is asset protection important?*

Slow growth, familiar customers, making small amounts of money, or a non -risky business
Growing rapidly, acquiring new customers, making significant amounts of money, or the business is inherently risky
Never
When you get married

3. What are the four business structures?*

4. What are advantages of an LLC?*

Simpler business structure, less paperwork, easier to start/ maintain, increased credibility, asset protection.
Doesn’t have to register with SoS
100% bulletproof limited liability
Doesn’t need a registered agent

5. What are traits of an informal business structure?*

6. What are informal business structures?*

7. What are formal business structures?*

8. Disadvantages to S-Corp*

Double Taxation
No restrictions on amount of shareholders
More complicated, requires additional paperwork, requires additional accounting services, more scrutinized by IRS
No asset protections

9. What is the default tax status of a corporation?*

10. What is the presenters name?*