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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 Corporation Business
Owns an Unincorporated Business by himself or herself
Owns a P-Corp
2. All the earnings that a sole proprietorship has made is __% entitled to the owner and should be paid out.
*
100
90
10
50
3. There is not a separate business tax return for sole proprietorship.
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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.
*
$100
$1000
$400
$500
6. LLC stands for...
*
Live Local Company
Liability Legal Company
Liability Limited 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...
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Illegal by default
Disregarded Entity by default
Defaulted
Inactive by default
8. The pro of having an LLC is.
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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
Member
Owner
Boss
10. Who is the speaker for this video?
*
Krystal Jung
Krystal Marie Ball
Krystal Harris
Krystal A. Standberry