Save
Busy. Please wait.
Log in with Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Business Final 1/2

legal Enviroment

QuestionAnswer
Agent’s duties to the principal a. Performance b. Notification c. Loyalty d. Obedience e. Accounting
Agent’s duties to the principal a. Performance The agent agrees to use reasonable diligence and skill in performing the work. (Duty to perform)
Agent’s duties to the principal b. Notification Require to notify the principal of all matters that comes to the agents attention concerning the subject matter. (Duty to inform)
Agent’s duties to the principal c. Loyalty Has a duty to act solely for the benefit of the principal and not theirs or a third parties. (Duty of Loyalty)
Agent’s duties to the principal d. Obedience Has the duty to follow all lawful and clearly stated instructions of the principal. (Duty of Obedience)
Agent’s duties to the principal e. Accounting Duty to keep and make available an account of all property and funds received and paid out on behalf of the principal. (Duty of Accounting).
Principal’s duties to the agent a. Compensation b. Reimbursement and Indemnification c. Cooperation d. Safe working conditions
Principal’s duties to the agent a. Compensation Duty to pay the agent for services rendered.
Principal’s duties to the agent b. Reimbursement and Indemnification Duty to compensate or indemnify the agent for liabilities incurred because of lawful acts and transactions.
Principal’s duties to the agent c.Cooperation Duty to cooperate with and assist the agent in performing their duties.
Principal’s duties to the agent d. Safe working conditions Duty to provide safe working premises, equipment, and conditions for the agent.
Termination of agency by operations of law a. Death or Insanity b.Impossibility c. Changed circumstances d. Bankruptcy e. War
Termination of agency by operations of law a. Death or Insanity The death or mental incompetence of ether party automatically and immediately terminates the agency.
Termination of agency by operations of law b. Impossibility When the specific subject matter is destroyed or lost the agency terminates.
Termination of agency by operations of law c. Changed circumstance When an event occurs that has such an unusual effect on the subject matter of the agency it terminates.
Termination of agency by operations of law d. Bankruptcy If either party petitions for bankruptcy the agency usually terminates.
Termination of agency by operations of law e. War When the parties’ countries are at war with each other the agency terminates.
Advantages of the sole proprietorship Proprietor owns the whole business and has the right to all profits. b. – Easier and less costly to start. c. – Offers more flexibility. d. – Pays only personal income tax on profits. e. – Can use cost accounting
Disadvantages of the sole proprietorship. a. – Unlimited liability (Creditors can come after personal assets to settle business debts. b. – When the owner dies so does the business.
Characteristic of general partnership a. Creation By an agreement of two or more persons to carry on a business as co-owners.
Characteristic of general partnership b. Sharing of profits and losses By agreement or they are shared equally by the partners.
Characteristic of general partnership c. Liability Unlimited personal liability by all partners.
Characteristic of general partnership d. Capital contribution Set by agreement, no minimum or mandatory amount.
Characteristic of general partnership e. Management By agreement if not then all partners have equal voice.
Characteristic of general partnership f. Duration Terminated by agreement, but can continue if a partner dissociates from the partnership.
Characteristic of general partnership g.Distribution of assets on liquidation - order of priorities a. – Payment of debts both owner and non-partner creditors. b. – Return of capital contributions and distributions of profits to partners.
Characteristic of limited partnership a. Creation By an agreement of two or more persons to carry on a business as co-owners. Must include one or more general partners and one or more limited partners. Must also file a certificate with the secretary of state.
Characteristic of limited partnership b. Sharing of profits and losses Profits are shared as required by the certificate and losses are shared likewise up to the amount of the limited partners’ capital contribution.
Characteristic of limited partnership c. Liability Unlimited personal liability for general partners and limited liability up to the amount of capital contributions for limited partners.
Characteristic of limited partnership d. Capital contribution Set by agreement.
Characteristic of limited partnership e. Management Only the general partner, limited partners have no voice.
Characteristic of limited partnership f. Duration Terminated by agreement in the certificate, or by retirement, death, or mental incompetence of the general partner and other general partners can’t continue.
Characteristic of limited partnership g. Distribution of assets on liquidation - order of priorities 1. Outside creditors and partner creditors. 2. Partners and former partners entitled to distributions of partnership assets. 3. Unless otherwise agreed, return of capital contributions and distribution of profit to partners.
Qualify as a S Corporations a. Must be domestic corporation. b. Cant be member of an affiliated group of corp. c. Shareholders must be individuals, estates, certain trusts. d. No more than 125 shareholders. e. Have only one class of stock. f. No nonresident alien shareholders.
Five elements of a deed. a. The name of the grantor and the grantee. b. Words evidencing an intent to convey the property. c. A legally sufficient description of the land. d. The grantor’s signature. e. Delivery of the deed.
Three types of deeds. a. Warranty Deeds b. Special Warranty c. Quitclaim Deed
Warranty Deeds Makes the greatest number of warranties and provides the greatest protection against defects of the title.
Special Warranty Deed Warrants only that the seller held good title during their ownership.
Quitclaim Deed least amount of protection against defects of title. Conveys to the grantee whatever interest the grantor had.
Adverse Possession a.– Possession must be actual and exclusive. b.– Possession must be open, visible, and notorious. c. – Possession must be continuous and peaceful for the required period of time. d.– Possession must be hostile and adverse.
Requirements of a will a.– Must be of legal age and of sound mind at the time the will was made b.– Must be in writing c.– The testator signature must be on it d.– Must be attested by three or more witnesses e.– Maker must say “Last will and testament” to the witnesses
What is a S Corporation? A corporation that is taxed same as a partnership but its owners enjoy a limited liability.
What is Adverse Possession? A means of obtaining title to land without a deed.
Created by: braves1
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards