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Startup Legal Quiz for Youtube Video

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Questions and Answers

Which of the following is NOT a possible business structure mentioned in the text?

B-Corp

Sole Proprietorship (correct)

LLC

C-Corp

What is the purpose of registering your business?

To generate ideas and stake out the competition

To legally protect yourself and your business (correct)

To get sponsorships and bookings

To sell your products or services

What does registering your business allow you to do?

Expand your customer base

Secure sponsorships

Obtain licenses and permits (correct)

Avoid paying taxes

Which company sponsors Crash Course Business?

Google Signup and view all the answers

Who creates the graphics for Crash Course Business?

Thought Cafe Signup and view all the answers

How can viewers help keep Crash Course free for everybody?

Join our community on Patreon Signup and view all the answers

Which of the following is a disadvantage of a sole proprietorship?

Personal liability for the business owner Signup and view all the answers

Which type of business structure allows for sharing ownership between two or more people?

Partnership Signup and view all the answers

What is the main advantage of forming a partnership instead of a sole proprietorship?

Ability to raise investment money Signup and view all the answers

Which type of business structure is completely separate from its owners?

Corporation Signup and view all the answers

Which type of business structure allows for the sale of stock to the public?

C-corp Signup and view all the answers

Which type of business structure focuses on social good?

B-corp Signup and view all the answers

Which type of business structure is a hybrid of a corporation and a partnership?

LLC Signup and view all the answers

Which type of business structure is created to do charity, education, religious, literary, or scientific work?

Nonprofit corporation Signup and view all the answers

Which of the following is NOT a benefit of obtaining tax-exempt status for a nonprofit?

Distributing profits to stockholders or political campaigns Signup and view all the answers

What is the purpose of an Employer Identification Number (EIN) from the federal government?

To help with taxes and getting a bank account Signup and view all the answers

What legal structure provides protection from personal liability for business owners?

Limited Liability Company (LLC) Signup and view all the answers

What is the purpose of registering a business with the Secretary of State?

To comply with local government requirements Signup and view all the answers