LEGL 2700: Final Exam Review Questions and answers, rated A+| LATEST EXAM UPDATES| 2024/25 |

LEGL 2700: Final Exam Review Questions and answers, rated A+ basic - -sole-proprietorship (individual); partnerships (agreements between 2 or more persons); corporations hybrid - -limited partnerships, s corporations, limited liability companies/partnerships sole proprietorship - -No formal documentation - business licenses only; so long as proprietor desires, but no transfer to others (transfer is assets only); total control by proprietor; personal obligation for all debts and liabilities; all business income subject to personal taxation limited partnerships - -Partnerships agreement and certificate filed in public office where business is conducted; dissolved when general partner withdraws s corporations - -Incorporators apply for state charter with articles of corporation; Perpetual continuity so long as number of shareholders are limited (100 max); Managed by officers, appointed by directors, who are elected by shareholders limited liability companies/partnerships - -Organizers file articles of organizations with state official; Dissolved when member withdraws, but may continue by those remaining partnership - -Automatic based on business conduct; modified by agreement; dissolved whenever one partner withdraws; each partner has equal voice, modified by agreement; personal obligation for all debts and liabilities, joint and several liability; all business income subject to personal taxation, divided equally corporation - -Incorporators apply for state charter with articles of incorporation (domestic, foreign, alien); perpetual, so long as it can conduct business; managed by officers, appointed by directors, who are elected by shareholders; shareholder obligations limited to investment, absent other commitments; corporate income taxed, shareholders taxed only on income distributed false - -T/F: dissolution of entity is the same as terminating the company's activities double taxation for corporations - -Profits taxed at cor