Lesson 5: Business Structures

What You’ll Learn: Choosing the right business structure is one of the most important decisions you can make as you start a business, since it affects your tax liabilities, legal exposure, and potentially, your personal assets. Don’t worry, it’s not as complex as it seems and we’ll take you through the options along with the advantages and disadvantages of each.

Business Structures Quiz

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Lesson 5: Business Structures

The structure you choose has many implications for you and your business. See how well you've mastered the content.

1 / 10

When determining your legal structure, you should consult...

2 / 10

Why do startups need a business license in Washington State?

3 / 10

The first step in starting a business in Washington State is...

4 / 10

A formal legal structure can...

5 / 10

Most businesses that are sole proprietorships are...

6 / 10

A business in which two or more individuals share the profits and loss is called a...

7 / 10

The two principal deciding factors in choosing a legal entity are:

8 / 10

The biggest benefit of incorporating as an S, C or LLC Corp is...

9 / 10

A limited liability company has which of the following benefits?

10 / 10

If filing as a corporation, the state requires you to...

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The average score is 92%

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Courses

  1. Ideation
  2. Starting a Responsible Business
  3. Business Model Canvas
  4. Access to Capital
  5. Business Structures
  6. Choosing the Right Location
  7. Marketing
  8. Intellectual Property
  9. Crisis Management
  10. Supply Chains
  11. Avoiding Common Mistakes

Resources

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Lesson 6