Lesson 6: Types P3

Nonprofit

An organization that operates for a purpose other than making a profit, often providing services to the community.

NAACP Scholarship

A financial award offered by the NAACP to support education, emphasizing the fight against discrimination based on race, creed, color, or sex.

Limited Liability Companies (LLC)

A business structure that combines elements of a corporation and a partnership, offering limited liability and pass-through taxation.

Advantages of LLC

Limited liability, pass-through taxation, and fewer government regulations.

Disadvantages of LLC

Filing fees, self-employment tax, and lack of national laws for operation.

Cooperative (coop)

A business owned and managed by members of a group who benefit from the services it provides.

Advantages of Cooperatives

Benefits for members, control over operations, and financial interest.

Disadvantages of Cooperatives

Management challenges, potential loss of interest, and competition.

C-Corp

A corporation that can have unlimited shareholders and is subject to corporate tax, leading to double taxation.

S-Corp

A "small" corporation limited to 100 shareholders, providing tax benefits similar to an LLC.

Benefit Corp

A corporation that aims to benefit a specific group or cause while still being able to make a profit.

Nonprofit (501c3)

A tax-exempt organization governed by section 501c3 of the tax code, where owners are not personally liable.

Brick and Mortar

A traditional business that operates in a physical location as opposed to online.

Virtual Enterprise

A business that operates entirely online, also known as e-commerce.

Click and Mortar Enterprise

A hybrid business model that combines physical storefronts with online commerce.

Treaty

A formal agreement between countries that outlines international relations and trade procedures.

International Customs

Laws that govern what countries can trade, affecting the flow of goods and services.

Filing Process

Steps to establish a business, including choosing a structure, registering with the state, and obtaining necessary permits.

Establishing Business Structure

The process of determining ownership type, customer business model, and compliance with regulations.

Required Docs for Filings

Essential documents such as Articles of Incorporation, Operating Agreements, and Initial Tax Filings needed to legally establish a business.