Taxes and Business Structures

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15 Terms

1

FICA taxes

U.S. payroll taxes for Social Security and Medicare.

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2

Federal and State income taxes

Taxes paid on income to the federal and state governments.

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3

Corporation Taxes

Taxes paid by businesses on their profits.

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4

Sole Proprietorship

A business owned by one person with unlimited liability.

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5

Unlimited Liability

The owner is personally responsible for business debts.

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6

Pass-through Taxation

Business income passes to the owner and is taxed as personal income.

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7

Partnership

A business owned by two or more people.

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8

General Partner

A partner responsible for running the business and its debts.

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9

Limited Partner

A partner who invests money but isn’t involved in day-to-day operations.

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10

Partnership Agreement

A legal document outlining the rules of a partnership.

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11

Limited Liability Corporation (LLC)

A business structure that protects owners from personal liability.

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12

S/C Corporation

Types of corporations with different tax and ownership rules.

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13

Corporate Charter

A legal document that creates a corporation.

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14

Shareholders

People who own shares (stock) in a company.

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15

Board of Directors

A group that oversees a company’s management.

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