I. |
Choice of entity |
|
A. |
|
Sole proprietorship |
|
B. |
|
Partnership |
|
C. |
|
Corporation |
|
D. |
|
Limited Liability Company |
II. |
Sole proprietorship is an entity that is owned by one person |
|
A. |
|
Requires no formal filing with the State |
|
B. |
|
Administrative requirements when starting a sole proprietorship |
|
C. |
|
Advantages and disadvantages to operating as a sole proprietorship |
III. |
A partnership requires two or individuals operating the partnership |
|
A. |
|
General partnership |
|
B. |
|
Limited partnership |
|
C. |
|
Important to have a partnership agreement |
|
D. |
|
Tax issues associated with partnerships |
IV. |
A corporation comes into existence through the filing of Articles of Incorporation |
|
A. |
|
Prepare and file Articles of Incorporation |
|
B. |
|
Prepare Bylaws |
|
C. |
|
Prepare organizational minutes for the first meeting |
V. |
Limited Liability Company is a type of entity that is a cross between a corporation and a partnership |