Business Organizations
A business owned by one person with total liability exposure.
What is a sole proprietorship?
When the owner is personally liable for debts of the business.
What is no liability shield?
Partners who filed with the state so that both partners are protected with liability shield.
Who is limited liability partnsership?
LLC stands for
What is a limited liability company?
L3C stands for?
What is low profit limited liability company?
Liability exposure in which an owner of a business is not personally liable for all the debts and obligations of the business.
What is limited liability?
If I start a business without filing with the state.
What is the default entity?
An optional agreement between partners.
What is a partnership agreement.
Owners are called __________ and own LLC interests.
What is members?
A B Corp is a type of ___________
What is certification?
The name of sole proprietorship.
What is doing business as DBA?
The paperwork you must file with the state to form a formal partnership.
What is a certificate of partnership?
The governing document of a LLC.
What is an articles of organization?
__________ is an organization that is long lasting and provides a liability shield for its shareholders.
What is Corporation?
A ___________ is a traditional corporation with modified obligations committing it to higher standards of purpose, accountability and transparency. ___________ commit to creating public benefit and sustainable value in addition to generating profit.
What is Benefit Corporation?
The name that appears on a sole proprietors tax return.
What is the business owners name?
What is the Uniform Partnership Act?
The governing law of a LLC.
What is limited liability Company Act?
____________was a landmark decision of the U.S. Supreme Court issued in 1896. It upheld the constitutionality of racial segregation laws for public facilities as long as the segregated facilities were equal in quality – a doctrine that came to be known as "separate but equal".
What is Plessy v Ferguson?
Organizations organized for charitable, religious, educational, scientific, literary, testing for public safety,fostering national or international amateur sports competition, and the prevention of cruelty to children or animals purposes
What is 501(c)(3)?
Name the governing statute.
What is there is no governing statute
When a only one partner has a limited liability shield
What is limited partnership?
When the person assets are generally protected from the business's liabilities.
What is limited liability?
People usually start a social enterprise because they want to ______ and _______.
What is Make money and do good?