Final Exam

Question 1

full general liability
informal formation
business license required
individual taxation
solo owner has total control

Answer 1

Sole Proprietorship

Question 2

full personal liability
formal/informal formation based on articles on partner profit splitting
requires two or more owners
RUPA
flow-through taxation
split profits and losses equally

Answer 2

General Partnership

Question 3

failure to file leads to personal liability
at least one general partner
RULPA
Limited partner has limited liability and is only financially invested
flow-through taxation
General partner manages and operates business
If limited partner tries to manage, they lose limited liability shield

Answer 3

Limited Partnership

Question 4

for personal, professional, malpractice, and supervised for torts
formation for lawyers, accountants, and doctors
malpractice insurance required
partners can manage business
flow-through taxation

Answer 4

Limited Liability Partnership (LLP)

Question 5

no personal liability
required to elect LLLP status
one or more owners may manage
flow-through taxation

Answer 5

LLLP

Question 6

no personal liability
can form with only one person
required IRS election
one manager or more can manage
flow-through taxation

Answer 6

Limited Liability Corporation (LLC)

Question 7

watered shares of stock
articles of incorporation, name, number of stocks, and statutory agent needed to form
lasts forever
RMBCA
centralized management
double taxation

Answer 7

C Corporation

Question 8

watered shares of stock
corporate veil issues
no more than 100 stockholders
1 class of stock
no corporate stockholders
centralized/individual management
individual taxation

Answer 8

S Corporation

Question 9

no personal liability except for malpractice
same formation as a C corporation
centralized management
tax depends on type of corporation

Answer 9

PC Corporation

Question 10

There are no real formal requirements to form a sole proprietorship (true/false)

Answer 10

True

Question 11

Sole proprietorship owner’s personal assets are liable and attachable to business performance
someone could sue the business and end up taking owner’s personal assets (true/false)

Answer 11

True

Question 12

Partners are mutual principles
They share duties, responsibilities, and liabilities (true/false)

Answer 12

True

Question 13

Partners do not file taxes together
They file separate (true/false)

Answer 13

True

Question 14

C corporations are double taxed (true/false)

Answer 14

True

Question 15

Limited partners can manage company (true/false)

Answer 15

False

Question 16

What requires shareholder approval?

Answer 16

Mergers and Acquisitions

Question 17

This corporation gets rid of double-level taxation.

Answer 17

Subchapter S Corporation

Question 18

What is a regular corporation?

Answer 18

C Corporation

Question 19

All employees are covered by this title except federal employees
Businesses require 15 or more employees

Answer 19

Title Seven

Question 20

What is the most common complaint of workplace discrimination?

Answer 20

Racial Discrimination

Question 21

What parts of the employee and employer relationship are covered by title seven?

Answer 21

Everything (hiring, firing, etc)

Question 22

Does sexual harassment require physical proof?

Answer 22

No

Question 23

Allows 12 weeks of unpaid leave for employees to care for immediate family matters

Answer 23

Family Medical Leave Act (FMLA)

Question 24

Differing treatment based on characteristics to an individual

Answer 24

Disparate Treatment

Question 25

Differing treatment based on characteristics to a group of people

Answer 25

Disparate Impact

Question 26

This case assesses elements of proof in discrimination cases

Answer 26

McDonald Douglas vs Green

Question 27

The only people who get paid leave through FMLA

Answer 27

Federal Employees

Question 28

If prosecutor has misconduct claims against defendant, defendant can use this against them

Answer 28

Employment Discrimination

Question 29

Is it reasonable to make an employer do something

Answer 29

Standard of Reasonableness

Question 30

Enforces title seven

Answer 30

Equal Employment Opportunity Commission (EEOC)

Question 31

Limited reach to stop discrimination for clients

Answer 31

Bona Fide Occupational Qualifications (BFOQ)

Question 32

Can not hire someone in the church if they do not meet religious requirements

Answer 32

Religious Discrimination

Question 33

Employers are liable for employee sexual assault misconduct (true/false)

Answer 33

True

Question 34

15 or more employees required

Answer 34

Title 7

Question 35

Fault is immaterial

Answer 35

Doesn't enforce employers taking care of fault

Question 36

$15,000 in fines for violating worker's safety

Answer 36

Organizational Safety and Health Association (OSHA)

Question 37

Had these in international countries for a while

Answer 37

LLC

Question 38

Addresses age discrimination for employees over 40

Answer 38

Age Discrimination Act (ADA)

Question 39

Pregnant employee who does not return from maternity leave can be fired?

Answer 39

Yes

Question 40

Civil rights act of 1604

Answer 40

EEOC

Question 41

FLSA

Answer 41

Fair Labor Standards Act

Question 42

Covers accidents over course of employment

Answer 42

Worker's Compensation

Question 43

Fault in worker's compensation does matter. (true/false)

Answer 43

False

Question 44

pay for over 40 hours a week

Answer 44

Overtime Pay

Question 45

If supervisor has to express judgement, you may not be eligible for

Answer 45

Overtime Pay