Question
What is the average number of employees in a small business?
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Question 2 of 13
What is a “Sole Proprietorship”?
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Question 3 of 13
What is a “Partnership”?
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Question 4 of 13
What are the types of Partnerships?
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Question 5 of 13
What is a “Limited Liability Company”, or “LLC”?
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Question 6 of 13
What is liability?
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Question 7 of 13
What is limited liability?
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Question 8 of 13
What is unlimited liability?
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Question 9 of 13
What is a partnership agreement?
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Question 10 of 13
What is a “C” Corporation or “C Corp”?
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Question 11 of 13
What are the pros and cons of an LLC vs a C Corp?
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Question 12 of 13
What is a “B” Corporation, or a “B Corp”?
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Question 13 of 13
Use this text box to take any additional notes on the class discussion.
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Question 2 of 13
What is a “Sole Proprietorship”?
Type your answer in the box below.
Question 3 of 13
What is a “Partnership”?
Type your answer in the box below.
Question 4 of 13
What are the types of Partnerships?
Type your answer in the box below.
Question 5 of 13
What is a “Limited Liability Company”, or “LLC”?
Type your answer in the box below.
Question 6 of 13
What is liability?
Type your answer in the box below.
Question 7 of 13
What is limited liability?
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Question 8 of 13
What is unlimited liability?
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Question 9 of 13
What is a partnership agreement?
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Question 10 of 13
What is a “C” Corporation or “C Corp”?
Type your answer in the box below.
Question 11 of 13
What are the pros and cons of an LLC vs a C Corp?
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Question 12 of 13
What is a “B” Corporation, or a “B Corp”?
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Question 13 of 13
Use this text box to take any additional notes on the class discussion.
Type your answer in the box below.
Answers
GPT-4o mini
1. The average number of employees in a small business is typically around 10 to 50 employees, though this can vary depending on the industry and definition of "small business."
2. A “Sole Proprietorship” is a business structure owned and operated by a single individual, where there is no legal distinction between the owner and the business entity. This means that the owner is personally liable for all debts and obligations of the business.
3. A “Partnership” is a business structure in which two or more individuals or entities manage and operate a business together, sharing profits, losses, and responsibilities. Partnerships can be formalized through legal agreements but can also be informal.
4. The types of Partnerships include General Partnerships, Limited Partnerships, and Limited Liability Partnerships (LLPs). Each type differs in terms of liability, management responsibilities, and operational structure.
5. A “Limited Liability Company” (LLC) is a flexible business structure that combines the limited liability features of a corporation with the tax efficiencies and operational flexibility of a partnership. Members of an LLC are generally not personally liable for the debts of the company.
6. Liability refers to the legal responsibility of an individual or organization to settle debts or fulfill obligations. In a business context, it can involve financial obligations or legal responsibilities that may arise from business operations.
7. Limited liability is a legal structure that limits the financial responsibility of the owners or shareholders of a business to the amount they have invested in the company. This means personal assets are protected from business debts and legal actions.
8. Unlimited liability refers to a situation where the owners of a business are personally liable for all debts and obligations of the business. In such cases, personal assets can be used to satisfy business debts.
9. A partnership agreement is a formal document that outlines the terms, responsibilities, and operational procedures of a partnership. It typically includes details on profit-sharing, decision-making processes, and the rights and obligations of each partner.
10. A “C” Corporation or “C Corp” is a legal business structure where the owners (shareholders) are separate from the corporation itself. C Corporations provide limited liability protection and can issue multiple classes of stock, but they are subject to double taxation on profits at both the corporate and dividend levels.
11. The pros of an LLC include limited liability, pass-through taxation, and less regulatory paperwork compared to a C Corp. Cons may include self-employment taxes and varying state regulations. The pros of a C Corp include the ability to raise capital and attract investors, while cons include double taxation and more complex compliance requirements.
12. A “B” Corporation or “B Corp” is a for-profit corporation that meets higher standards of social and environmental performance, accountability, and transparency. Unlike traditional corporations, B Corps aim to balance profit with purpose and have a positive impact on society and the environment.
13. Notes on the class discussion could include specific examples of business structures, comparisons of liability implications, or real-world applications of the concepts discussed. Additionally, thoughts on the benefits of different business formations and insights on entrepreneurship could be recorded.
2. A “Sole Proprietorship” is a business structure owned and operated by a single individual, where there is no legal distinction between the owner and the business entity. This means that the owner is personally liable for all debts and obligations of the business.
3. A “Partnership” is a business structure in which two or more individuals or entities manage and operate a business together, sharing profits, losses, and responsibilities. Partnerships can be formalized through legal agreements but can also be informal.
4. The types of Partnerships include General Partnerships, Limited Partnerships, and Limited Liability Partnerships (LLPs). Each type differs in terms of liability, management responsibilities, and operational structure.
5. A “Limited Liability Company” (LLC) is a flexible business structure that combines the limited liability features of a corporation with the tax efficiencies and operational flexibility of a partnership. Members of an LLC are generally not personally liable for the debts of the company.
6. Liability refers to the legal responsibility of an individual or organization to settle debts or fulfill obligations. In a business context, it can involve financial obligations or legal responsibilities that may arise from business operations.
7. Limited liability is a legal structure that limits the financial responsibility of the owners or shareholders of a business to the amount they have invested in the company. This means personal assets are protected from business debts and legal actions.
8. Unlimited liability refers to a situation where the owners of a business are personally liable for all debts and obligations of the business. In such cases, personal assets can be used to satisfy business debts.
9. A partnership agreement is a formal document that outlines the terms, responsibilities, and operational procedures of a partnership. It typically includes details on profit-sharing, decision-making processes, and the rights and obligations of each partner.
10. A “C” Corporation or “C Corp” is a legal business structure where the owners (shareholders) are separate from the corporation itself. C Corporations provide limited liability protection and can issue multiple classes of stock, but they are subject to double taxation on profits at both the corporate and dividend levels.
11. The pros of an LLC include limited liability, pass-through taxation, and less regulatory paperwork compared to a C Corp. Cons may include self-employment taxes and varying state regulations. The pros of a C Corp include the ability to raise capital and attract investors, while cons include double taxation and more complex compliance requirements.
12. A “B” Corporation or “B Corp” is a for-profit corporation that meets higher standards of social and environmental performance, accountability, and transparency. Unlike traditional corporations, B Corps aim to balance profit with purpose and have a positive impact on society and the environment.
13. Notes on the class discussion could include specific examples of business structures, comparisons of liability implications, or real-world applications of the concepts discussed. Additionally, thoughts on the benefits of different business formations and insights on entrepreneurship could be recorded.