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Business Law > Final Exam > Flashcards

Final Exam Flashcards

1
Q

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

A

Sole Proprietorship

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2
Q

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

A

General Partnership

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3
Q

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

A

Limited Partnership

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4
Q

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

A

Limited Liability Partnership (LLP)

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5
Q

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

A

LLLP

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6
Q

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

A

Limited Liability Corporation (LLC)

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7
Q

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

A

C Corporation

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8
Q

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

A

S Corporation

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9
Q

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

A

PC Corporation

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10
Q

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

A

True

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11
Q

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)

A

True

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12
Q

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

A

True

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13
Q

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

A

True

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14
Q

C corporations are double taxed (true/false)

A

True

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15
Q

Limited partners can manage company (true/false)

A

False

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16
Q

What requires shareholder approval?

A

Mergers and Acquisitions

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17
Q

This corporation gets rid of double-level taxation.

A

Subchapter S Corporation

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18
Q

What is a regular corporation?

A

C Corporation

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19
Q

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

A

Title Seven

20
Q

What is the most common complaint of workplace discrimination?

A

Racial Discrimination

21
Q

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

A

Everything (hiring, firing, etc)

22
Q

Does sexual harassment require physical proof?

A

No

23
Q

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

A

Family Medical Leave Act (FMLA)

24
Q

Differing treatment based on characteristics to an individual

A

Disparate Treatment

25
Q

Differing treatment based on characteristics to a group of people

A

Disparate Impact

26
Q

This case assesses elements of proof in discrimination cases

A

McDonald Douglas vs Green

27
Q

The only people who get paid leave through FMLA

A

Federal Employees

28
Q

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

A

Employment Discrimination

29
Q

Is it reasonable to make an employer do something

A

Standard of Reasonableness

30
Q

Enforces title seven

A

Equal Employment Opportunity Commission (EEOC)

31
Q

Limited reach to stop discrimination for clients

A

Bona Fide Occupational Qualifications (BFOQ)

32
Q

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

A

Religious Discrimination

33
Q

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

A

True

34
Q

15 or more employees required

A

Title 7

35
Q

Fault is immaterial

A

Doesn’t enforce employers taking care of fault

36
Q

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

A

Organizational Safety and Health Association (OSHA)

37
Q

Had these in international countries for a while

A

LLC

38
Q

Addresses age discrimination for employees over 40

A

Age Discrimination Act (ADA)

39
Q

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

A

Yes

40
Q

Civil rights act of 1604

A

EEOC

41
Q

FLSA

A

Fair Labor Standards Act

42
Q

Covers accidents over course of employment

A

Worker’s Compensation

43
Q

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

A

False

44
Q

pay for over 40 hours a week

A

Overtime Pay

45
Q

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

A

Overtime Pay

Business Law (3 decks)

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