Term
| Tax Identification Number |
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Definition
| to identify a business with an internal revenue service |
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Term
| What is your tax identification number if you are a sole proprietorship? |
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Definition
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Term
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Definition
1. Tax Identification Number
2. Business Licenses
3. General Filings |
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Term
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Definition
1. Individual
2. Corporation
3. Partnership |
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Term
| 5 Things you NEED to know |
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Definition
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Term
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Definition
| A business owned and operated by one person |
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Term
| Sole Proprietorship - Creation |
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Definition
| Easy (no filing); however, difficult to get money to start with |
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Term
| Sole Proprietorship- Control Compensation |
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Definition
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Term
| Sole Proprietorship- Liability |
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Definition
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Term
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Definition
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Term
| Sole Proprietorship - Duration |
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Definition
| Limited (based on the idea of that owner) |
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Term
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Definition
| An association of two or more persons to carry on as co-owners of a business for profit |
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Term
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Definition
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Term
| General Partnership liability for contracts |
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Definition
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Term
| General Partnership liability for torts |
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Definition
| joint and several liability |
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Term
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Definition
-must name all partners in the lawsuit
-if successful, plaintiff collects money from all or any of the partners |
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Term
| Joint & Several Liability |
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Definition
| can sue any of the partners, even if they were not responsible |
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Term
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Definition
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Term
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Definition
| Essentially the same as general partnerships, however some partners have limited liability |
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Term
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Definition
| the amount of money that you can lose is limited to the amount of money you invest |
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Term
| Nickname for Limited Partner |
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Definition
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Term
| Publicly Traded Corporations |
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Definition
| any of us could buy stock with that company |
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Term
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Definition
the stock of that company is traded on relative exchange
(predominant) |
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Term
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Definition
| an association of persons operating as an artificial legal being with the authority to act and assume liabilities separate from its owners |
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Term
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Definition
1. Owners (Shareholders)
2. Board of Directors
3. Officers |
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Term
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Definition
| basically the owners of a corporation, they elect the Board of Directors |
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Term
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Definition
| elected to make big picture policy decisions; have the ability to hire the officers of that corporation |
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Term
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Definition
| they carry out the big picture policies that the Board of Directors set forth; "day to day" people |
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Term
| Difference between a C Corporation and an S Corporation |
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Definition
| S Corporations are taxed like a partnership (allows loss) |
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