1. The most popular form businesses choose to take is:
B.) Limited Liability Company
C.) Sole Proprietorship
2. A sole proprietorship is subject to double taxation.
3. The document one uses to start a Limited Liability Company are/is
B.) Articles of Incorporation
C.) Articles of Organization
D.) Operating Agreement
4. The biggest difference between a sole proprietorship and a Limited Liability Company is the individual liability of the owner(s).
5. The owners of a corporation are:
A.) The directors
B.) The shareholders
C.) The officers
D.) The members
6. An S-Corporation is similar to a C-Corporation in that it is its own entity formed to do business.