Entity Selection Challenge: Test Your Knowledge to Make the Right Entity Choice for Your Small Business

Small Business Operations / Registering a Business, Entity, Quiz
Quiz Time
/10

Select the Right Entity

Welcome to the small business entity selection Quiz! This quiz will test your knowledge of the pros and cons of various entity options. Are you ready to put your knowledge of entities to the test?

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1. Which of the following is true about a Limited Liability Company (LLC)?

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2. What is the main advantage of selecting a sole proprietorship as a legal entity for a small business?

3 / 10

3. Which of the following is a disadvantage of selecting a partnership as a legal entity for a small business?

4 / 10

4. What is the main disadvantage of selecting a corporation as a legal entity for a small business?

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5. What is the main advantage of selecting a Limited Liability Company (LLC) as a legal entity for a small business?

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6. Which of the following is NOT one of the six characteristics that define a C Corporation?

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7. Which of the following is a characteristic of a C Corporation as a legal entity for a small business?

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8. Which of the following is a characteristic of a Limited Liability Partnership (LLP) as a legal entity for a small business?

9 / 10

9. Which entity do you NOT have to register with the Secretary of State?

10 / 10

10. Which is the difference between an S corporation and a C corporation?

Your score is

The average score is 68%

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