Term
| Pros and Cons of a Sole Propretorship are? |
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Definition
Pros: Single Taxation, Easy to make, Maximum control
Cons: Unlimited Liability, lack of continuity |
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Term
| What is a Partership? What are some Pros? Cons? |
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Definition
2 or more owners.
Pros: Single Taxation, easy to create
Cons: Partner liability, lack of continuity |
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Term
| What is a Corporation? What are some Pros? Cons? |
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Definition
A legal entity, acts like a person and generates most amount of sales dollars.
Pros: Limited liability(huge pro), continuity
Cons: Double taxation, control, expensive |
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Term
| What is a Domestic Corporation? Foreign Corporation? Alien Corporation? |
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Definition
Domestic: Incorporated in GA, operate in GA.
Foreign: Incorporated in GA, operate in Alabama.
Alien: Incorporated in GA, operates in Japan. |
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Term
| What is an LLC(Limited Liability Corporation)? Are there any Cons? Who are the owners? What type of business is it recommended for - Small or large? |
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Definition
| Taxed like a partnership, Limited liability, and easy to create. Owners = Members. Recommened for small businesses. |
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Term
| What is a Sole Proprietorship? |
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Definition
| One owner - makes up most # of business in the United States. |
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Term
What is closely held stock?
What is publicly held stock? |
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Definition
Closely Held: Publix or Chick Fil-A
Publicly Held: Home Depot, Delta Airlines, or Coca-Cola |
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Term
| What are factors to consider when opening a business? |
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Definition
| Control, Continuity, Liability, Taxation, and Creation. |
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Term
| What is an S-corp? How many owners? |
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Definition
| Taxed like a Partnership, limited liability, very restricted when creating and management. 100 owners max. |
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