S Corporations - ️️organizations that are subject to election made possible through
the language of the Subchapter S of the Internal Revenue Code are known as _
___________
alter-ego theory - ️️if a corporate entity is disregarded by its corporate officers,
directors, and stockholders t...
BUSA 2106 CH 14 Business
organizations
S Corporations - ✔️✔️organizations that are subject to election made possible through
the language of the Subchapter S of the Internal Revenue Code are known as _
___________
alter-ego theory - ✔️✔️if a corporate entity is disregarded by its corporate officers,
directors, and stockholders themselves, so that there is such a unity of ownership and
interest that separateness of the corporation has ceases to exist, the _____-___ ______
will be followed and the corporate veil will be pierced
Implied authority - ✔️✔️it arises from the position of authority held by an agent and by
the history of actual authority situations
Apparent authority - ✔️✔️it may arise in a situation where a principal terminates an
agent's authority but fails to inform third parties about the termination
trading partnership - ✔️✔️a partner has the implied authority to borrow money in the
usual course of business and pledge the credit of the firm
Nontrading partnership - ✔️✔️A partner requires actual authority to borrow money in
the usual course of money and pledge the credit of the firm
Non profit organizations - ✔️✔️___-______ _____________ differ from corporations in
that ___-_______ are exempted from paying tax on income
articles of incorporation - ✔️✔️the formal application for a corporate charter is called
the ________ __ _____________.
Advantages of a corporation - ✔️✔️Ownership may be divided into many unequal
shares, shareholders may be employees entitled to such benefits as workers'
compensation; many investors may be conveniently brought together
sole proprietorship - ✔️✔️easiest business organization to create
Factors considered for best organizational form of a business - ✔️✔️cost of creating
the organization; control of the decisions; continuity of the organization
limited partner - ✔️✔️A _______ _______ in a limited partnership retains the benefit of
limited personal liability when he/she disapproves an amendment to the partnership's
certificate
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