100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
BLAW 341 Exam 4 Questions and Answers 100% Solved | Graded A+ $7.99
Add to cart

Exam (elaborations)

BLAW 341 Exam 4 Questions and Answers 100% Solved | Graded A+

 4 views  0 purchase
  • Course
  • BLAW 341
  • Institution
  • BLAW 341

BLAW 341 Exam 4 Questions and Answers 100% Solved | Graded A+ 5 major forms of business - 1.) Sole proprietorship 2.) General partnership 3.) Limited Partnerships 4.) LLC 5.) Corporations 7 concerns in forming a business - 1.) Ease of formation 2.) Taxation 3.) Personal Liability (Torts, N...

[Show more]

Preview 4 out of 94  pages

  • December 21, 2024
  • 94
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BLAW 341
  • BLAW 341
avatar-seller
JOSHCLAY
BLAW 341 Exam 4 Questions and

Answers 100% Solved | Graded A+


5 major forms of business - ✔✔1.) Sole proprietorship

2.) General partnership

3.) Limited Partnerships

4.) LLC

5.) Corporations

7 concerns in forming a business - ✔✔1.) Ease of formation

2.) Taxation

3.) Personal Liability (Torts, Negligence, Contracts)

4.) Management and Control

5.) Ability to Raise Capital

6.) Transferability

7.) Continuity

Pass-Through Entity - ✔✔taxed once

Sole proprietorship - ✔✔_"The owner is the business"

-Simplest form of business to own and operate

1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,General Partnership - ✔✔partnership in which partners share equally in

both responsibility and liability; no non profits, only for profit entities

Limited Partnership - ✔✔partnership in which only one partner is required

to be a general partner; other partner is limited partner (investor (silent),

can't manage company)

Limited Liability Partnership - ✔✔Reserved for professionals (law firm,

accounting firm, doctors); limits liability, if partner commits mal practice you

are not liable

Joint Venture - ✔✔General partnership for particular purpose for a limited

time (construction company, real estate agency; after goal is

achieved/done); both parties have liability

LLC (Limited Liability Company) - ✔✔Limited liability, pass through income

taxation, flexibility

Corporation - ✔✔A business owned by stockholders who share in its profits

but are not personally responsible for its debts

S Corp - ✔✔only taxed once, only 100 shareholders max

Business Trust - ✔✔Business organization governed by group of trustees,

who operate trust for beneficiaries



2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,Syndicate - ✔✔Pull funding/capital together that you wouldn't afford

yourself

Cooperative - ✔✔A business that is owned by the members it serves and is

managed in their interest.

ex: ACE Hardware each individually owned

Two ways business relationships are terminated - ✔✔1.) Disassociation

2.) Dissolution

Disassociation - ✔✔is when one partner leaves and the business

continues, then partners iterate is absorbed into the business

(ex. death, withdraw, expelled)

Dissolution - ✔✔is when the business ends as a whole

(ex. illegal activity, unsuccessful, court or in an action brought by the

creditors)

Contract Remedies - ✔✔-When one party to a contract breaches the

contract by failing to perform his or her contractual duties, the law provides

a remedy for the injured party

-Equivalent of promised performance

Monetary Damages - ✔✔-Most frequently granted judicial remedy for

breach of contract

3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, -Awarded for losses that are:

1. Foreseeable,

2. Established with reasonable certainty (evidence), and

3. Not avoidable

Foreseeability of Damages - ✔✔-Contracting parties are expected to

consider foreseeable risks at the time that they enter into the contract



-Only for loss that the party in breach had reason to foresee as a probable

result of a breach when the contract was made



-Test for foreseeable damages is objective and based on what the

breaching party had reason to foresee



-Loss may be deemed foreseeable as a probable result:

1. In the ordinary course of events or

2. As a result of special circumstances, beyond the ordinary course of

events, about which the party in breach had reason to know

Certainty of Damages - ✔✔-Damages are not recoverable for loss beyond

an amount that the injured party can establish with reasonable certainty

4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

51292 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$7.99
  • (0)
Add to cart
Added