Biz Orgs General Flashcards
1
Q
Business orgs v. corporations
A
all corporations are business orgs, not all business orgs are corporations
1
Q
Types of general partnerships
A
- limited
- limited liability companies
- sole proprietorships
2
Q
Business funnel, top to bottom
A
- business
- company
- corporations
3
Q
Factors and characteristics of business orgs.
A
- formation
- management and operation
- financial rights and obligations
- entity status
- limited liability
- fiduciary duties
- ownership interests and transferability
- exit rights
- structural flexability
- tax consequences
good to go through for each type after learning
4
Q
A closely held company means that
A
only a few people hold most of the equity
