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 a P-Corp Owns a Corporation Business Owns an Unincorporated Business by himself or herself 2. All the earnings that a sole proprietorship has made is __% entitled to the owner and should be paid out.* 90 50 100 10 3. There is not a separate business tax return for sole proprietorship.* True False 4. To complete a Schedule C, you would not need...* Last year’s taxes Social Security Number or EIN Business Names A business profit and loss statement for the tax year 5. Sole Proprietors pay self-employment taxes when income is over.* $500 $400 $1000 $100 6. LLC stands for...* Limited Liability Company Live Local Company Liability Limited Company Liability Legal Company 7. If you are one person who owns an LLC and you don’t make any tax elections the IRS considers your LLC...* Inactive by default Disregarded Entity by default Illegal by default Defaulted 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 Boss Sole Proprietor Owner 10. Who is the speaker for this video?* Krystal Jung Krystal Marie Ball Krystal A. Standberry Krystal Harris This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.