Bul 3130 Final exam 2023 with 100% correct answers
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Course
BUL 3130
Institution
BUL 3130
• Sole Proprietorship - correct answer -owner is the business. Responsible for rising capital and liable for all debts
o Fictitious Name - correct answer -any name other than the name of the individual.
• Partnership - correct answer -2 or more business partners. State law now says for ma...
Bul 3130 Final exam 2023 with 100% correct answers
• Sole Proprietorship - correct answer -owner is the business. Responsible for rising capital and liable for
all debts
o Fictitious Name - correct answer -any name other than the name of the individual.
• Partnership - correct answer -2 or more business partners. State law now says for many issues a partnership can be treated as an independent entity.
o Fiduciary Duty - correct answer -each partner acts in good faith for the benefit of the partnership
Winding up of a partnership involves - correct answer -completing any unfinished business and then collecting and distributing the partnership's assets.
• Limited Partnership - correct answer -2 or more business partners. Not all partners have the right to participate in management and not all are liable for debts
• Corporations - correct answer -a legal entity.
o Bylaws - correct answer -rules that regulate and govern the internal operations.
o Close Corporation - correct answer -one whose shares are held by one shareholder or a small group.
o Proxy - correct answer -written authorization to cast a shareholder vote so they don't have to attend the meeting o Business Judgment Rule - correct answer -makes directors and managers immune from liability when problems result from honest mistakes in judgment.
• Professional Corporation (PC) - correct answer -groups of doctors or professionals in practice together.
Only liable for what you put in. Not responsible for someone else's malpractice or negligence.
• Limited Liability Company (LLC) - correct answer -treated like a corporation for liability purposes and a partnership for tax purposes.
Nat'l Labor Relations Act 1935 - correct answer -created: the opportunity and the right for labor to unionize, strike and engage in collective bargaining with management
Environmental Protection Agency - correct answer -has primary responsibility for four major external environmental problems: air pollution, water pollution, land pollution, and pollution associated with certain products.
• Chapter 7 - correct answer -"Fresh Start"—liquidation and fair distribution of the debtor's non-exempt assets to creditors. Usually voluntary.
o Liquidating bankruptcy is - correct answer -available for businesses, but only individuals can use Chapter 7 to obtain discharge.
o Immediate _____ placed against all actions against the debtor/debtor's property by any creditors. Applies to _______. - correct answer -freeze; individuals, corporations, everyone.
• Chapter 9 - correct answer -bankruptcy for municipal governments
• Chapter 11 - correct answer -applies to businesses that wish to remain in business and not be liquidated.
• Debtor in Possession - correct answer -debtor who remains in control of a business or assets under chapter 11 and reorganization. (Up to 5 years to pay off debt.)
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