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chapter 13 law quiz

first part of chapter 13 quizam review for LLAW161

Entity Status of a sole proprietorship not seperate from owner
Entity status of a partnership seperate from owners for some purposes
Entity Status of a corporation Legal entity, seperate and distinct from owners
Liability of a sole proprietorship Unlimited
Liability for a Partnership Unlimited
Liability of a corporation shareholders liable only to the extent of paid-in capitol
Duration of sole proprietorship same as owner
Duration of Partnership can be terminated by agreement, death, withdrawl, or bankruptcy of a partner
Duration of a corporation may have perpetual existance
transferability of interest of sole proprietorship may be sold at anytime
transferability of interest of partnership sale of interest terminates partnership
Transferability of interest of corporation stock is readily transferred
Control of a sole proprietorship by owner
Control of partnership each partner has equal management control unless otherwise agreed, limited partners have none
Control of Corporation shareholders elect board of directors who set policy and appoint officers to manage
capitol of sole proprietorship limited to what owner can raise
capitol of partnership limited to what partners can raise
capitol of corporation sale of ownership shares increases capitol
taxation of sole proprietorship profits taxed to owner as individual
taxation of partnership profits taxed to each owner as agreed in contract
taxation of corporation double taxation: corporate profits taxed and shareholders pay tyaxes on dividends
S corporation corporation that is treated as a parternship for federal tax purposes, to avoid double taxation when business holds all stocks. must have a less than 75 shareholders
C corporation unlimited shareholders with double taxation
Agent a person who acts on behalf of the principal to third parties, they can make binding contracts for them
Respondiant Superior holds employers liable for employees torts while in the course of employment
Duties of agent to act in best interest (feduciary), dudy of obdience, to inform, dillegence
agency principal the person who empowers an agent to enter contracts
tax form for a sole proprietorship Schedule C form
partnerships are always ____-profit. for
paper parts of a corporation articles of incorporation, charter, bylaws, stock certificates
People parts of a corporation stockholders, owners, officers, board of directors, outside director
board of directors can act individually false
officers run the organization true
board of directors hire officers true
outside directors are employees of the corporation false
how shareholders manage a corporation they vote for board of directors
two types of agents employee, independent contractor
gratuitas no contract, but consent to be your agent
employee facts of life worker's comp, fire easily, unemployment, taxes
independent contractor facts of life no benefits, hard to fire because of contract
durable power of attorney contract survives disability
patient advocate someone appointed to make medical decisions when your not able
liable for torts of employees? yes
liable for torts of independent contractors? no
who gives permission to incorporate? the state
Created by: marissam06