Ethics & Sustainability
A concept where we manage our life and our business in such a way to leave the world a little better than we find it.
Sustainability
This is the easiest type of business organization to establish.
Sole Proprietorship
Relationship where a principal hires someone to represent them in performing tasks with third parties.
Agency
Debts, such as alimony, child support, taxes, debts incurred through fraud, debts incurred for intentional torts, student loans, that a debtor cannot get rid of in bankruptcy.
Non-dischargeable debts
This type of joint ownership of property will avoid probate.
Joint with right-of-survivorship
Profits, People Planet
Triple Bottom Line
These people meet annually to hold an election of directors, vote on any amendments to the articles of incorporation and take an advisory vote on executive compensation.
Shareholders
Hiring someone to put a roof on your house is an example of an ____________________ relationship.
Independent Contractor
Payments made by an insolvent debtor that gives preferential treatment to one creditor over other creditors.
Preferential transfer
(bonus if you know the 3 things a trustee must show to prove preferential transfer)
The laws governing distribution of assets when someone dies without a valid will.
Intestate succession
Those who have an interest in a particular business decision, such as shareholders, employees, and the community.
Stakeholders
The Sarbanes-Oxley Act of 2002 applies to managers of information in __________________ companies.
Publicly-traded
Boss says if you want a raise, perform sexual favor. Employee says "No way you pig." Boss does NOT give raise. This is an example of what type of sexual harassment?
Quid pro quo
If the debtor receives an inheritance, life insurance benefit or property settlement within 180 days after the filing of the bankruptcy petition, it has to be given to the trustee to be paid to creditors under this rule.
180 day rule.
If I agree to sell you 600 magic markers for $1 each, this agreement would need to be in writing under what law in order to be enforceable since it is the sale of goods for over $500 or more.
Statute of Frauds
Private certification that indicates that a business meets certain standards regarding social and environmental issues and is committed to making the world a better place.
This type of business organization has one or more general partners with unlimited liability and complete management control and one or more partners with limited liability and no management control.
Limited Partnership
Duty to always act in the best interests of the principal.
Duty of loyalty
This type of unsecured debt gets paid before administrative claims, taxes and general unsecured creditors.
When a seller knows the purpose a buyer is purchasing goods and a buyer relies on the seller's expertise in selecting goods for the buyer, this is what type of warranty?
Warranty of implied fitness for a particular purpose
The association of CEOs from leading companies that redefined business ethics requiring firms take into account all stakeholders, such as employees, customers and society at large.
Business Roundtable
Situation where the court finds the shareholders personally liability for corporate debt and liabilities because they broke the law, failed to properly capitalize the company or failed to follow corporate procedure.
Piercing the corporate veil
Respondent Superior
In a bankruptcy, _____________ creditors get paid first to the extent the creditor has collateral.
Secured
Stir It Up Bakery is a business that employs individuals with disabilities and strengthens the local community which demonstrates how entrepreneurs can combine _________ _________ with financial sustainability.