Untitled Flashcards Set

Card 1

Front: What is a Sole Proprietorship?
Back: A business owned and run by one person, with no legal distinction between owner and business.

Card 2

Front: Pros of Sole Proprietorship
Back: Simple to form, full control, minimal taxes.

Card 3

Front: Cons of Sole Proprietorship
Back: Unlimited personal liability, harder to raise funds.

Card 4

Front: What should you study for a Sole Proprietorship?
Back: Self-employment tax, registration laws, personal liability management.

Card 5

Front: What is a General Partnership?
Back: A business where two or more people share ownership and responsibilities.

Card 6

Front: Pros of General Partnership
Back: Shared resources and work, easy to start.

Card 7

Front: Cons of General Partnership
Back: Joint liability, conflicts between partners.

Card 8

Front: What should you study for General Partnership?
Back: Partnership agreements, conflict resolution, profit-sharing.

Card 9

Front: What is a Limited Partnership (LP)?
Back: A business with general partners who run it and limited partners who invest.

Card 10

Front: Pros of Limited Partnership
Back: Limited liability for passive investors.

Card 11

Front: Cons of Limited Partnership
Back: General partners have full liability.

Card 12

Front: What to study for Limited Partnership?
Back: Investment roles, liability laws, securities regulation.

Card 13

Front: What is a Limited Liability Partnership (LLP)?
Back: A partnership where all partners have liability protection from each other's actions.

Card 14

Front: Pros of LLP
Back: Limited liability for all, ideal for professionals.

Card 15

Front: Cons of LLP
Back: Not available in all states, more complex to form.

Card 16

Front: What to study for LLP?
Back: State laws, liability protections, professional ethics.

Card 17

Front: What is a C Corporation?
Back: A separate legal entity owned by shareholders, can go public.

Card 18

Front: Pros of C Corporation
Back: Limited liability, easy to raise funds, perpetual life.

Card 19

Front: Cons of C Corporation
Back: Double taxation (corporate + personal dividends).

Card 20

Front: What to study for C Corporation?
Back: Corporate finance, shareholder rights, SEC rules.

Card 21

Front: What is an S Corporation?
Back: A corporation where profits/losses pass through to owners’ personal tax returns.

Card 22

Front: Pros of S Corporation
Back: Avoids double taxation, offers limited liability.

Card 23

Front: Cons of S Corporation
Back: Limited to 100 U.S. shareholders, more IRS rules.

Card 24

Front: What to study for S Corporation?
Back: IRS rules, pass-through taxation, shareholder restrictions.

Card 25

Front: What is a Benefit Corporation (B Corp)?
Back: A for-profit company that also pursues social/environmental goals.

Card 26

Front: Pros of B Corp
Back: Mission-driven, legal protection for impact goals.

Card 27

Front: Cons of B Corp
Back: More oversight, dual focus can complicate operations.

Card 28

Front: What to study for B Corp?
Back: ESG strategies, B Lab certification, impact investing.

Card 29

Front: What is an LLC (Limited Liability Company)?
Back: A hybrid business structure offering flexibility and liability protection.

Card 30

Front: Pros of LLC
Back: Flexible taxation, limited liability, easy to manage.

Card 31

Front: Cons of LLC
Back: Rules vary by state, possible self-employment taxes.

Card 32

Front: What to study for LLC?
Back: Operating agreements, tax classifications, state laws.

Card 33

Front: What is a Nonprofit Organization?
Back: A tax-exempt group created for social, charitable, or educational purposes.

Card 34

Front: Pros of Nonprofit
Back: Tax-exempt status, access to grants/donations.

Card 35

Front: Cons of Nonprofit
Back: Limited to mission-driven work, strict regulations.

Card 36

Front: What to study for Nonprofit?
Back: 501(c)(3) rules, grant writing, board responsibilities.

Card 37

Front: What is a Joint Venture?
Back: A short-term collaboration between two or more parties for a specific project.

Card 38

Front: Pros of Joint Venture
Back: Shared risk, combined expertise and resources.

Card 39

Front: Cons of Joint Venture
Back: Potential conflicts, limited scope, legal complexity.

Card 40

Front: What to study for Joint Venture?
Back: Contract law, strategic partnerships, global business models.