Business Acumen

Question 0

What is sub chapter S corporation (s corp)

Answer 0

A business structure w/100 or fewer shareholders that report the business income or loss on their personal income tax return

Question 1

What is a sole proprietorship?

Answer 1

A business structure govern by state statutes that combine aspects of partnership and corporation

Question 2

What is a corporation (C corp)?

Answer 2

A business structure where the business is a legal entity of its own, where all the assets and liabilities belong to a corporation

Question 3

What is partnership?

Answer 3

A business structure where two or more individuals contribute money, effects, labor, and skill to a business and are both liable for the profits, losses, and assets

Question 4

What is limited liability company (LLC)?

Answer 4

A business structure governed by state stature that combines aspects of partnerships and corporations