LLC Formation Entry Quizz – The H University

What does LLC stand for? *

Limited Liability Company

Large Legal Corporation

Little Legal Contract

Why would someone create an LLC? *

To keep their personal money safe if something goes wrong in the business

To travel for free

To pay fewer taxes

What is an EIN (Employer Identification Number)? *

A special number for a business to pay taxes

A code for personal emails

A way to track packages online

Do you need a separate bank account for your business? *

Yes, it helps to keep business money and personal money separate

No, you can use your personal bank account for everything

Only if the business makes a lot of money

What is the role of a registered agent for an LLC? *

To receive important mail and notices for the business

To sell products online

To send packages to customers

Why is a mailing address important for an LLC? *

To get important business mail and notices

For personal letters only

To store products

Which is a benefit of forming an LLC? *

It protects your personal money if there’s a problem in the business

It guarantees high profits

It lets you avoid all taxes

Do you need to keep track of your business records and documents? *

Yes, it's important for following the law and staying organized

No, it's not necessary

Only when you have extra time

If you don’t have an EIN, can you hire employees? *

No, you need an EIN to hire employees

Yes, anyone can hire employees without one

Only if they work from home

Will you watch this daily with focus and do homework? *

I will spend time on learning

No, I don’t have time

I will think when I watch