Corporations, Partnerships, and sole proprietorship.
What are the 3 kinds of businesses?
100
Hybrid of limited partnership and corporation receiving partnership tax treatment with the operating advantages of a corporation.
What is Limited Liability Companies (LLCs)?
100
Rule 404 caused smaller companies to suffer, guidelines now being relaxed.
What is SOX Act?
100
The costs that are related to bringing a business into existence and maintaining that existence.
What is nontax costs?
100
When a corporation is involuntarily terminated, creditors are first satisfied, and the remaining assets are then distributed to the shareholders.
What is liquidation?
200
Dominant form of business in the US. 20% of all businesses are this.
What are corporations?
200
A close corporation whose shareholders have elected to be taxed essentially as partners are taxed under federal income tax law.
What are S Corporations?
200
The owners of a corporation.
Who are shareholders?
200
When a businessperson purchases the rights to use McDonald's trade name and business systems as long as McDonald's receives a percentage of the new owner's gross sales each month, this new owner has purchased a(n)...
What is franchise?
300
Two or more persons who carry on a business as co owners. 8% of all businesses are this kind of business. They are mutual agencies.
What are partnerships?
300
A special partnership form providing some of the advantages of limited liability.
What are Limited Liability Partnerships (LLPs)?
300
Legally, Ford Motor Co. is a(n)...
Who is an artificial person?
300
When 2+ people conduct a business a co-workers of that business.
What is a partnership?
400
Pros: taxes. Cons: nontax costs, no centralization of management, no limited liability, restrictions on transferability, duration of existence, and capital structure.
What are the pros and cons of partnerships?
400
A form of business organization that has one or more general partners who manages the business and have unlimited liability for the obligations of the business and one or more limited partners who do not manage and have limited liability.
What are limited partnerships?
400
Business ventures undertaken by a single individual. More than 2/3 of all businesses are this. No legal filings or fees are required, but licenses or other permits may be required.
What are sole proprietorships?
400
The idea that, when a corporation has liabilities that exceed its assets, its creditors cannot touch the owners' personal assets is known as...
What is limited liability?
400
About what percentage of US businesses are partnerships?
What is 8%?
500
Pros: centralization of management, limited liability, free transferability, duration of existence, and capital structure.
Cons: taxes, double taxed, but deductible fringe benefits.
What are the pros and cons of corporations?
500
The WTO will likely emerge as the vehicle for establishing international uniformity in business law.
What are international hybrids?
500
Pros: nontax costs, centralization of management.
Cons: no limited liability, limited transferability, duration of existence, taxes, capital structure.
What is pros and cons of sole proprietorship's?
500
When an individual commits fraud in order to lower his taxes, this is called...
What is illegal tax evasion?
500
About what percentage of U.S. businesses with annual revenues of at least $1 million are partnerships?