The effects of business structures

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Last updated 9:30 PM on 8/9/24
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4 Terms

1
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If Jalen and Sloan want to have limited personal liability for the business, which is the best choice?

  • Sole proprietorship

  • Partnership

  • Limited liability company (LLC)

Limited liability company (LLC)

<p>Limited liability company (LLC)</p>
2
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If they want the flexibility to have additional owners join the business in the future, which is the best choice?

  • Sole proprietorship

  • Partnership

  • Nonprofit corporation

Partnership

<p>Partnership</p>
3
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If they want to ensure that the business income is taxed separately from their personal income, which is the best choice?

  • Sole proprietorship

  • Partnership

  • C Corporation (C Corp)

C Corporation (C Corp)

<p>C Corporation (C Corp)</p>
4
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Sole proprietorship

  • Owned by 1 person

  • Unlimited personal liability

  • Business income is taxed as personal income