How Do You Legally Set Up a Business?
Interactive Video
•
Life Skills, Business, Social Studies
•
11th Grade - University
•
Hard
Wayground Content
FREE Resource
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7 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to separate your business finances from your personal finances?
To avoid confusion during tax season
To increase your personal credit score
To ensure you can use personal funds for business expenses
To make it easier to apply for personal loans
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key characteristic of a sole proprietorship?
It requires a board of directors
It is a separate legal entity
The owner is personally liable for business debts
It requires filing with the government
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a DBA in the context of business?
A type of business loan
A legal structure for businesses
A name under which a business operates
A tax identification number
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one advantage of forming an LLC?
It allows for unlimited shareholders
It provides legal protection for personal assets
It requires less paperwork than a sole proprietorship
It offers tax benefits similar to a corporation
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an S Corporation differ from other business structures?
It does not require a tax return
It is not considered a separate legal entity
It allows profits to be taxed at the corporate level
It requires the business to pay its owners as employees
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a business owner consult a CPA or attorney?
To increase business profits
To ensure compliance with laws and regulations
To avoid paying taxes
To find new business partners
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a potential consequence of not consulting experts when starting a business?
Difficulty in finding office space
Higher employee turnover
Legal and tax issues
Increased marketing costs
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