sole proprietor correct answers has all of the gain and all of the loss, responsible for the control, liabilities and management of the business
sole proprietor correct answers legally the owner of the business and capital must come from the owner's own resources or borrowed
corporation corre...
BUL 3130 Exam 4 || A Verified A+ Pass.
sole proprietor correct answers has all of the gain and all of the loss, responsible for the control,
liabilities and management of the business
sole proprietor correct answers legally the owner of the business and capital must come from the
owner's own resources or borrowed
corporation correct answers become a ____ if you want to protect your personal liability
individual correct answers a corporation will be taxed at an _____ and a corporate rate
general partnership correct answers two or more people engaged in business for profit can be
defined as
true correct answers in a general partnership who will do what when and why may be equal or
unequal. t/f
false correct answers a written document is necessary to define a general partnership. t/f
Uniform Partnership Act correct answers provides default rules that determine operation of
partnership when agreement is silent or lacking a formal agreement
oral, implied correct answers a partnership can begin with an _____ agreement between two or
more persons as partners or with an ____ agreement that may be inferred from the conduct of the
partners as they do business together
fictitious name statement correct answers must be created if you do business under any other
name than what is on your birth certificate
true correct answers fictitious name statement is a form that should be filed in the clerks office in
the county you're doing business in. t/f
limited partnership correct answers partnership where there is two or more people but only one
general partner is needed and only liable for what you invest
true correct answers the general partner of a limited partnership can have personal property taken
the same as in a general partnership. t/f
time, place, manner correct answers how is the 1st amendment judged
inchoate correct answers referring to something which has begun but has not been completed,
either an activity or some object which is incomplete. It may define a potential crime like a
conspiracy which has been started but not perfected or finished
, prima facie correct answers at first sights, something presumed to be true until disproved by
contrary evidence
resondeat superior correct answers employer is held liable for wrongful acts of his employees
committed within the scope of their employment
100 correct answers a corporation allows you to have ___ shareholders and still be taxed as an
individual
certificate of incorporation correct answers create a document to be filed with the secretary of
state called ____ to become a corporation
articles of incorporation correct answers _____ is to a birth certificate as a corporations is to a
person
bylaws correct answers daily instructions or rules to the agents of corporation what they can do
that govern the internal operations of the corporation
entity correct answers any business other than sole proprietor that is separate from the person is
called an ___ and carries certain protection
crime, fraud correct answers can't take personal assets in a corporation unless a ____ or _____ is
committed by a corporate agent due to the corporate veil
corporation correct answers an artificial person, or legal entity, created under state law
limited liability company correct answers a business organization that is treated like a
corporation for liability purposes but like a partnership for federal tax purposes
true correct answers in an LLC liable to the extent of the organization unless crime or fraud is
committed and can then be personally liable. t/f
LLC correct answers which type of company does not stand for a perpetual amount of time,
usually for a certain project
franchise correct answers a contractual right to use the genius of another creator and agreement
to pay rent and royalties and follow the rules of the contract
true correct answers individuals, corporations, partnerships, and other LLCs may be members in
a LLC
true correct answers franchises can be separated in 3 basic categories: product distributorships,
trademark/trade-name licensing, and business format franchising. t/f
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