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 S-Corp Owns an Unincorporated Business by himself or herself Owns a Corporation Business Owns a P-Corp 2. All the earnings that a sole proprietorship has made is __% entitled to the owner and should be paid out.* 90 50 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...* Social Security Number or EIN Last year’s taxes Business Names A business profit and loss statement for the tax year 5. Sole Proprietors pay self-employment taxes when income is over.* $400 $500 $100 $1000 6. LLC stands for...* Live Local Company Liability Limited Company Liability Legal 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...* Illegal by default Defaulted Disregarded Entity by default Inactive 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...* Sole Proprietor Owner Member Boss 10. Who is the speaker for this video?* Krystal A. Standberry Krystal Marie Ball Krystal Jung Krystal Harris This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.