Sole Prop/Franchise
The major advantage of sole proprietorship.
What is all the profits/control?
The tax treatment for general partnership.
What is as a pass through entity to individual partners' income tax returns?
The initials LLC stand for these words.
What are Limited Liability Company?
They manage the corporation overall.
Who are the Board of Directors?
The four ways an agency relationship is formed.
What are by agreement, ratification, estoppel, and operation of law?
The tax treatment of a sole proprietorship.
What is only personal individual taxes?
What are sharing profits/losses, joint ownership of business, and equal right to manage business?
The main advantages of an LLC.
What are creates a separate legal entity that has limited liability for its members?
The three types of corporations.
What are domestic, foreign, and alien?
The 5 duties of agents.
What are performance, notification, loyalty, obedience, and accounting?
The major disadvantage of a sole proprietorship.
What is unlimited personal liability?
The key characteristics of an LLP.
What are pass though status for taxes but limited liability for partners in a professional occupation?
The primary disadvantage of an LLC.
What is lack of uniformity between states on laws?
The act of holding a shareholder personally liable.
What is piercing the corporate veil?
The 4 duties of principals.
What are compensation, reimbursement and indemnification, cooperation, and safe working conditions?
The three types of a franchise.
What are distributorship, chain-style, and manufacturing?
The authority of a limited partner to manage the business.
What is none?
The two types of management structures for an LLC.
What are member managed and manager managed?
The two primary roles of corporate shareholders.
What is elect directors and vote on fundamental business decisions?
The definition of the equal dignity rule.
What is if the contract needs a writing, then the agent's authority also needs to be in writing?
What are notice and an opportunity to cure?
The effects of disassociation of a partner.
What are do further management rights and the duty of loyalty ends.
The definition of a joint venture.
What is two or more persons/entities combining for single project/series of projects?
The action taken when a corporation is harmed and the directors fail to sue.
What is a shareholder's derivative suit?
The definition of respondeat superior.
What is that the principal is liable for harm cause by the agent if in scope of employment?