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 Corporation Business Owns a P-Corp Owns an Unincorporated Business by himself or herself Owns a S-Corp 2. All the earnings that a sole proprietorship has made is __% entitled to the owner and should be paid out.* 50 90 10 100 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 Social Security Number or EIN Last year’s taxes Business Names 5. Sole Proprietors pay self-employment taxes when income is over.* $1000 $100 $400 $500 6. LLC stands for...* Liability Limited Company Liability Legal Company Live Local Company Limited Liability Company 7. If you are one person who owns an LLC and you don’t make any tax elections the IRS considers your LLC...* Disregarded Entity by default Inactive by default Defaulted Illegal by default 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...* Member Sole Proprietor Owner Boss 10. Who is the speaker for this video?* Krystal Marie Ball Krystal Harris Krystal Jung Krystal A. Standberry This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.