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LREB 315 Review Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

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  • Social Science Law

LREB 315 Review Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

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  • August 3, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Social Science Law
  • Social Science Law

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LREB 315 Review
Title 7
Prohibits discrimination in workforce on the basis of race, gender age (DOES NOT INCLUDE
SEXUAL ORIENTATION)
Disparate impact
unintentional discrimination
firefighters being 6ft men
Sole proprietorship
No limited liab
Business permit not needed
Owner claims all income/losses
Form 1040, Schedule C
General Partnership
Voluntary association of two or more persons/coowners in a business for profit
No limited liab (unlimited)
Governed by the Revised Uniform Partnership Act (UPA) (1994)
Limited partnership (LP)
No limited liab (unlimited) (just for general partners)
Liability of limited partner is limited to capital contribution- Liability of general partner is all personal
assets are subject to attachment
%

Taxed the same as general partnerships
Limited Liability Company (LLC)
Limited liab (benefit)
Taxed as a partnership (benefit), but its members enjoy limited liability like corporate shareholders.
more than one class of ownership
all members can be in leadership
hybrid business entity that combines the best features of partnerships and corporations. It eliminates
certain disadvantages of limited partnerships and corporations.
C Corporation
Double taxed
Income to shareholders (via dividend) and pay a tax on individual returns
S Corporation
Limited liability
Taxed like a partnership
limited to 100 owners
Double taxation
limited liability
A form of business ownership in which the owners are liable only up to the amount of their individual
investments.

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