Final Exam Flashcards
1
Q
Agency agreeement
A
Principal and agent have special obligations
2
Q
3 stages of partnershi[
A
Dissolution
Winding up
Termination
3
Q
Absent agreement
A
50/50 unless specified otherwise
4
Q
Partner rights
A
No right to compensation but right to look at financials
5
Q
Order of districution
A
Outside creditors
Partner creditors
Return of Cap Distr
Profit shared equally
6
Q
GP
A
Most liability for partner
7
Q
Who doesnt pay Franchise Tax
A
GP and SP
8
Q
LP
A
Most susceptible to fraud
9
Q
Corp class S
A
Allowed to tax like an LLC
10
Q
Corp rightd
A
Like a person, but can’t self incriminate and no 5th amendment
