PotLuck
Business Entity Types
Really?
Corporations
Door No. 3
100
These rules of governance are adopted by a corporation.
What are bylaws?
100
An owner or an LLC is called this.
What is a member?
100
The name of the list which a corporation maintains to show who has what shares in the company.
What is a transfer ledger?
100
What does IPO stand for?
What is Initial Public Offering?
100
One who is granted a franchise.
What is a franchisee or licensee?
200
In the early '90s, Kroger bought out Fred Meyer, Smith's, and Ralph's. What is Kroger to Fred Meyer, Smith's, & Ralphs.
What is a parent corporation?
200
This type of business does not require stocks, articles, or more than one participant.
What is a sole proprietorship?
200
Are meetings required in an LLC?
What is No?
200
A written document signed by a shareholder that authorizes another person to vote the shareholder's shares.
What is a proxy card?
200
This uniform law governs international contracts. It has been adopted by the US and most of its trading partners.
What is the CISG? (or Convention on Contracts for the International Sale of Goods)
300
A long term debt security taht is secured by some form of collateral.
What is a bond?
300
LLLP stands for this.
What is Limited Liability Limited Partnership?
300
This document needs to be filed with the secretary of state in order to form a limited liability company.
What are Articles of Organization?
300
A rule that protects the decisions of a board of directors that acts on an informed basis in good faith and in the honest belief that the action taken was in the company's best interest.
What is the business judgment rule?
300
The process by which a dissolved business's assets are collected, liquidated, and distributed to creditors and owners.
What is "winding up"?
400
If a business entity (like an LLC or something) is started and maintained in Oregon and it'e expanded to Virginia, what is it called in Virginia?
What is a foreign entity (LLC)?
400
General partners of a limited partnership do not have unlimited personal liability for debts and obligations of a limited partnership.
What is False?
400
Target is being sued by National Dart Boards, Inc. for infringing on National's bulls-eye trademark. If National wants to successfully sue Target's shareholders also, National will have to __________ by arguing that Target is not adequately capitalized, doesn't keep records, and mixes business funds with shareholder personal accounts.
What is pierce the corporate veil?
400
A distribution of profits of the corporation to shareholders.
What is a dividend?
400
This entity can have no more than 100 shareholders.
What is an S Corporation?
500
Your company is not using its real and true name, so you need to file paperwork with the secretary of state informing the world of your _______ (give two alternative answers)
What is assumed business name or fictitious business name or dba (doing business as) name?
500
An arrangement where two or more business entities combine their resources to pursue a single project or transaction.
What is a joint venture?
500
How do you write 3524 in Roman numerals? Use the least amount of characters.
What is MMMDXXIV?
500
This type of corporation limits its shareholders to friends and family.
What is a closely held corporation?
500
This fancily-named acquissition occurs when a business merges with another business but keeps in tact the managers and employees of the target business.
What is a White Night Merger?
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