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Bussiness 101 > Business 101 > Flashcards

Business 101 Flashcards

1
Q

What is a PIR?

A

Public Information Report

  • Annual report filed with/ the TX Comptroller of Public Accounts
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2
Q

Wear is the Texas Notice of Forfeiture of Right to Transact Business?

A

It’s issued by the Texas Comptroller of Public Accounts for non compliance and finalized/recorded by the TX Secretary of State

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3
Q

What is TSI?

A

Transworld Systems Inc

  • A third party debt collection agency
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4
Q

What is LLC?

A

Limited Liability Company

  • A business structure that prices personal liability protection for its owners (members)
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5
Q

What is Form SS-4?

A

An application used to apply for Federal Employer Identification Number (EIN), for corporations, partnership and LLC.

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6
Q

Who processes and manages Form SS-4 and oversees its administration?

A

The IRS processes and manages Form SS-4 while the Department of the Treasury oversees the IRS.

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7
Q

SOS

A

Secretary of State

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8
Q

What is FinCEN?

A

Financial Crimes Enforcement Network

  • A bureau of the US Department of the Treasury that combats money laundering, terrorism & financing.
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9
Q

Edgar is the form number for the Public Information Report (PIR) in TX?

A

Form 05-102

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10
Q

What is Form 8832?

A

Entity Classification Election

  • A form used by businesses to change their tax classification with the IRS.
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11
Q

Which IRS office handles and processes Form SS-4?

A

The IRS office in Cincinnati, OH.

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12
Q

What is the website for the TX Comptroller of Public Accounts?

A

Comptroller.Texas.Gov

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13
Q

Who accepts the Certificate of Formation in TX?

A

TX Secretary of State

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14
Q

Should your bank and checking accounts reflect your LLCs name?

A

Yes

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15
Q

What is Section 6.201 of the TX Business Organization Code?

A

It’s a unanimous written consent provision, allows businesses to take action without a meeting, as long as all members are in writing.

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16
Q

Which Secretary of State approved your Certificate of Filing?

A

John B. Scott

17
Q

What is the Federal Trademark Act of 1946?

A

A U.S. law that helps protect business babes, logos, and brands nationwide

18
Q

What is the Trademark Law?

A

A Texas law that protects business names and logos used only within the state

19
Q

What is the Assumed Business or Professional Name Act?

A

A law that requires businesses to register names they use so the public knows each owns them

20
Q

What was the date your EP LLC started?

A

Nov 30, 2022

21
Q

What do the billing rates in the Scope of Engagement for the EP LLC represent?

A

Paralegal’s work is $125/hr

Lawyer’s work is $400/hr

22
Q

What is the Scope of Engagement?

A

A legal document that explains what the lawyer will do for you, how much it will cost, and the rules for working together

23
Q

What is the filing fee for a Certificate of Formation for a Texas entity (except for nonprofit corporation, cooperate association, professional applications (PA) or limited partnership (LP)?

A

The filing fee is $300

24
Q

How many articles are in the Certificate of Formation for EP LLC?

A

11 articles

25
Q

What does “Business Day” mean in the EP LLC Company Agreement?

A

Any day other than Saturday, Sunday, or a holiday when national banking associations in Texas are closed

26
Q

TBOC

A

Texas Business Organization Code

Bussiness 101 (1 decks)

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