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Buisness Quiz > Chapter 11 > Flashcards

Chapter 11 Flashcards

1
Q

Three basic legal structures

A
  1. Sole proprietorship
  2. Partnership
  3. Corporation
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2
Q

Sole proprietorship

A

A business owned by one person who has unlimited liability and rights to profits

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3
Q

Partnership

A

A business with two or more owners that make decisions for the business together and share the profits, losses assets, and liabilities

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4
Q

Limited partnership

A

Business partnership wherein there is a general partner with unlimited liability, and one or more limited partners with no official input in daily operations and limited liability

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5
Q

Notary

A

A person who has been authorized by the state to witness the signing of documents

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6
Q

Corporation

A

A legal entity composed of stockholders under a common name

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7
Q

Contract

A

An agreement between two or more parties that is enforceable by law

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8
Q

Boilerplate language

A

It’s standard format for a specific type of legal agreement

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9
Q

Contingency

A

A condition that must be met in order for something else to occur

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10
Q

Letter of agreement

A

A document that puts on oral understanding and writing, in the form of a business letter

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11
Q

Signatory

A

An individual who signs a concert

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12
Q

Breach of contract

A

The failure of a signatory to perform as agreed

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13
Q

Statue of limitations

A

The time period in which legal action may be taken

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14
Q

Small claims court

A

A legal option for solving conflicts involving less than a certain sum of money

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15
Q

Arbitration

A

A method of dispute resolution using an Arbor traitor to act as the decision-maker rather than going to court

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16
Q

Bankruptcy

A

The legal process in which an individual or business declares the inability or impaired ability to pay debts as they come due

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17
Q

Service mark

A

A design that identifies and distinguishes the source of a service rather than a product

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18
Q

Electronic rights

A

The right to reproduce someone’s work online

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19
Q

Patent

A

And exclusive right, granted by the government, to produce, use and sell an invention or process

20
Q

Public domain

A

Property rights available to the public rather than held by an individual

21
Q

Insurance

A

A system of protected-for-payment provided by insurance companies to reimburse individuals and organizations when their property or wealth has been damaged destroyed or lost

22
Q

Premium

A

The cost of insurance

23
Q

Deductible

A

The amount of loss or damage a policyholder covers before the insurer pays on a claim

24
Q

Permit

A

An official document that gives a party the right to hold a specific event

25
Q

License

A

An official document the grants the right to engage in activity for A specified period of time

26
Q

Certificate

A

An official document that verifies something

27
Q

Advantages of a sole partnership

A
  1. Ease of start
  2. Simplicity of registration
  3. Fewer government regulations
  4. Rapid decision making
  5. Greater rights to profits
28
Q

Disadvantages of a sole proprietorship

A
  1. Difficult fundraising
  2. Significant time obligations and responsibilities
  3. Unlimited personal liability
  4. Lack of emotional support
  5. Taxation of profits
29
Q

Advantages of a corporation

A
  1. Ability to sell ownership shares
  2. Ease of transfer
  3. Limitation of personal liability
30
Q

Disadvantages of a corporation

A
  1. Potential for double taxation
  2. Loss of founder control
  3. Higher start up cost
  4. Greater government regulation
31
Q

C corporation

A

1.Most companies are C corporations 2.they sell ownership shares of stock 3. Shareholders have the right to vote on important Company decision. 4. C corporations can sell more stock issue bonds or secure other type of loans

32
Q

Subchapter S corporation

A
  1. Limits the number of stockholders to 100
  2. offers most of the limited liability protection of the more common C corporation
  3. income is only text once as the personal income of the owners
33
Q

Professional corporation

A

Medical practices ,engineering firm’s ,law firm’s ,accounting firms and certain other can form professional corporations

34
Q

Nonprofit corporation

A

Corporation set up with a specific mission to improve society ,church’s museums, charitable foundations are examples
Tax exempt

35
Q

Public benefit corporation

A
  1. Explicitly includes a civic or environmental benefit

2. must report on social and environmental impact as well as financial performance

36
Q

Limited liability company

A

Combines the best features of partnerships and corporations and is an excellent choice for many small businesses

37
Q

The four A’s of a successful contract

A
  1. Avoid misunderstanding
  2. Assure work
  3. Assure payment
  4. Avoid liability
38
Q

The uniform commercial code

A

A collection of business law’s adoptive family states they cover a broad spectrum of transactions

39
Q

The law of agency

A

Addresses principal-agent relationships

40
Q

The bankruptcy code

A

Concerns the inability or impaired ability to pay debts as they come due

41
Q

Chapter 11 Reorganization

A

1.This form of bankruptcy that can prove to be a lifeline for company

42
Q

Chapter 7 liquidation

A

Corporation must identify all assets and liabilities turn them over to a trustee and allow them to be sold

43
Q

Chapter 13 individual that re-organization

A
  1. Voluntary filling and the repayment plan can only be filled by the debtor
  2. may include full or partial payment of debts through installments
  3. must be approved by a bankruptcy judge
44
Q

Intellectual property

A

Your ideas and creations

45
Q

Trademarks of service marks protect

A

Your brand identity

46
Q

Copyrights protect

A

Works of authorship

47
Q

Patents protect

A

Invented products and processes

Buisness Quiz (1 decks)

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