Podcast
Questions and Answers
What is S.C.O.R.E?
What is S.C.O.R.E?
Service Corps of Retired Executives
What are the three major forms of business ownership?
What are the three major forms of business ownership?
Sole proprietorship, partnership, and corporation
What does limited liability mean in the context of an LLC?
What does limited liability mean in the context of an LLC?
It means that I could be liable up to the value of my business assets, but my personal assets would not be considered
If you want personal liability protection and less complicated taxes, which business structure should you choose?
If you want personal liability protection and less complicated taxes, which business structure should you choose?
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Which ownership options have limited liability features?
Which ownership options have limited liability features?
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If you select a corporation, which goals will you have met?
If you select a corporation, which goals will you have met?
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If you select a partnership, which goals will you have met?
If you select a partnership, which goals will you have met?
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If you select a sole proprietorship, which goals will you have met?
If you select a sole proprietorship, which goals will you have met?
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Which form of ownership is the best?
Which form of ownership is the best?
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Study Notes
S.C.O.R.E
- Stands for Service Corps of Retired Executives, which provides mentorship and guidance for new business owners.
Forms of Business Ownership
- The three primary forms of business ownership are:
- Sole Proprietorship
- Partnership
- Corporation
Limited Liability in LLCs
- Limited liability means personal assets are protected from business debts; liability is restricted to business assets.
Choosing LLC for Protection
- An LLC (Limited Liability Company) is ideal for:
- Personal liability protection
- Fewer owners
- Simplified taxation and management
Ownership Options with Limited Liability
- Ownership structures that provide limited liability include:
- Conventional Corporation
- S Corporation
- Limited Liability Company (LLC)
Goals Achieved with a Corporation
- Opting for a corporation allows for:
- Introducing new owners when needed
- Protection against personal liability
- Option to hire employees
Goals Achieved with a Partnership
- Selecting a partnership meets goals such as:
- Incorporating new owners easily
- Simplified income tax processing
- Minimal ongoing paperwork
- Hiring employees
Goals Achieved with a Sole Proprietorship
- Choosing a sole proprietorship fulfills the following goals:
- Quick and straightforward setup
- Simplified income tax processing
- Minimal ongoing paperwork
- Ability to hire employees
Best Form of Ownership
- No single ownership structure is universally ideal; suitability varies for different business needs and owners.
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Description
Test your knowledge with these flashcards on business ownership and the S.C.O.R.E system. This quiz encompasses essential concepts such as forms of business ownership and the implications of limited liability. Perfect for anyone looking to brush up on their business fundamentals.
