Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
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
Normal Size Small Size show me how
chapter 13 law quiz
first part of chapter 13 quizam review for LLAW161
| Question | Answer |
|---|---|
| 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
Popular Miscellaneous sets