Bul 3130 Final exam | UPDATED Questions with 100% Verified
Answers
Question: • Sole Proprietorship
Answer:
owner is the business. Responsible for rising capital and liable for all debts
Question: o Fictitious Name
Answer:
any name other than the name of the individual.
Question: • Partnership
Answer:
2 or more business partners. State law now says for many issues a partnership can be treated as an independent
entity.
Question: o Fiduciary Duty
Answer:
each partner acts in good faith for the benefit of the partnership
Question: Winding up of a partnership involves
Answer:
completing any unfinished business and then collecting and distributing the partnership's assets.
Question: • Limited Partnership
Answer:
2 or more business partners. Not all partners have the right to participate in management and not all are liable
for debts
Question: • Corporations
Answer:
a legal entity.
Question: o Bylaws
Answer:
rules that regulate and govern the internal operations.
, Question: o Close Corporation
Answer:
one whose shares are held by one shareholder or a small group.
Question: o Proxy
Answer:
written authorization to cast a shareholder vote so they don't have to attend the meeting
Question: o Business Judgment Rule
Answer:
makes directors and managers immune from liability when problems result from honest mistakes in judgment.
Question: • Professional Corporation (PC)
Answer:
groups of doctors or professionals in practice together. Only liable for what you put in. Not responsible for
someone else's malpractice or negligence.
Question: • Limited Liability Company (LLC)
Answer:
treated like a corporation for liability purposes and a partnership for tax purposes.
Question: Nat'l Labor Relations Act 1935
Answer:
created: the opportunity and the right for labor to unionize, strike and engage in collective bargaining with
management
Question: Environmental Protection Agency
Answer:
has primary responsibility for four major external environmental problems: air pollution, water pollution, land
pollution, and pollution associated with certain products.
Answers
Question: • Sole Proprietorship
Answer:
owner is the business. Responsible for rising capital and liable for all debts
Question: o Fictitious Name
Answer:
any name other than the name of the individual.
Question: • Partnership
Answer:
2 or more business partners. State law now says for many issues a partnership can be treated as an independent
entity.
Question: o Fiduciary Duty
Answer:
each partner acts in good faith for the benefit of the partnership
Question: Winding up of a partnership involves
Answer:
completing any unfinished business and then collecting and distributing the partnership's assets.
Question: • Limited Partnership
Answer:
2 or more business partners. Not all partners have the right to participate in management and not all are liable
for debts
Question: • Corporations
Answer:
a legal entity.
Question: o Bylaws
Answer:
rules that regulate and govern the internal operations.
, Question: o Close Corporation
Answer:
one whose shares are held by one shareholder or a small group.
Question: o Proxy
Answer:
written authorization to cast a shareholder vote so they don't have to attend the meeting
Question: o Business Judgment Rule
Answer:
makes directors and managers immune from liability when problems result from honest mistakes in judgment.
Question: • Professional Corporation (PC)
Answer:
groups of doctors or professionals in practice together. Only liable for what you put in. Not responsible for
someone else's malpractice or negligence.
Question: • Limited Liability Company (LLC)
Answer:
treated like a corporation for liability purposes and a partnership for tax purposes.
Question: Nat'l Labor Relations Act 1935
Answer:
created: the opportunity and the right for labor to unionize, strike and engage in collective bargaining with
management
Question: Environmental Protection Agency
Answer:
has primary responsibility for four major external environmental problems: air pollution, water pollution, land
pollution, and pollution associated with certain products.
