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Small Businesses
Corporations
Real Property
Intellectual Property
Random
100
Bill organized, and owns and operates, Bill's Pool Service in the simplest form of business organization. This is
What is a Sole Proprietorship
100
Corporate profits can be subject to double taxation. True or False
True
100
What deed provides the most protection against defects of title.
A warranty deed
100
The right of an originator of an artistic work to exclusive use for a given period of time is covered by what?
What is a copyright
100
When somone uses anothers trademark in its entirety or copies it to substantial degree, intentionally or unintentionally, what has occured?
What is trademark infringement
200
Sustainable Café LLC is a limited liability company. Like any other LLC, unless Sustainable Café chooses otherwise, the firm will be taxed as
What is a Partnership
200
Mountaintop Clearview Corporation authorizes Niles, its employee, to oversee its timber operation. In the course of his employment, Niles disposes of the operation’s waste illegally. Orson is a Mountaintop shareholder. Liability for this crime most likely rests with Orson to a. no extent. b. the proportionate extent of the number of shares Orson owns. c. the amount of Orson’s investment in the firm. d. the full extent
c. the amount of Orson’s investment in the firm.
200
The possession of land without right is a tenancy at will. True or False.
False...Tenancy at Sufferance
200
property that results from an intellectual, creative process and so is the product of one's mind.
What is Intellectual Property
200
In an LLC, the members themselves can decide how to operate the various aspects of the business by forming:
What is an operating agreement
300
Jay is a member of Kitchen Cookouts, LLC, a limited liability company. Jay is liable for Kappa’s debts a. in proportion to the total number of members. b. to the extent of his investment in the firm. c. to the extent that the other members do not pay the debts. d. to the full extent.
What is to the extent of his investment in the firm.
300
The shares of Jumbo Corporation are publicly traded in securities markets. Jumbo Corporation is a. a private corporation. b. a privately held corporation. c. a public corporation. d. a publicly held corporation.
d. a publicly held corporation.
300
Chita owns the land on which Downwind Farm is situated, plus the farmhouse, barn, and other structures permanently attached to the land. Chita’s brother Elvin owns everything else on the farm—implements, seed, and so on. The real property is owned by a. Chita and Elvin. b. Chita only. c. Downwind Farm. d. Elvin only.
Chita only
300
If a company that makes laundry detergent calls its product Pommo, the name "Pommo" would be considered: a strong mark, secondary meaning, or trade dress.
What is a strong mark
300
Suppose that when you enter an "On the Border" Mexican restaurant, you see a distinctive interior, a distinctive menu, and a wait staff wearing distinctive attire. This combination of things creates a unique ambience, known in legal terms as a:
What is trade dress
400
The document filed with a designated state official by which a limited liability company is formed.
What is Articles of Organization
400
Stock may be described as:
An ownership interest in the corporation.
400
Greg has leased an apartment from Meredith for one year. Six months later, Greg wants to accept a job in another city, so he transfers his rights under the lease for the last six months of the lease term to Kevin. What is this transfer called?
What is a sublease
400
Damages for copyright infringement include
What statutory damages that are not to exceed $150,000, fines, and criminal proceedings with possible imprisonment
400
What four pieces of information must the articles of incorporation include?
What are name of corp, number of shares corp is authorized to issue, name and address of initial registered agent, and name and address of each incorporator
500
In partnership law, partners share liability for partnership obligations and debts. Thus, if a third party sues a partner on a partnership debt, the partner has the right to insist that the other partners be sued with him or her.
What is Joint Liability
500
What is the type of corporation that must be domestic, have no more than 100 shareholders, and only 1 class of stock?
S-Corporation
500
What type of ownership means that the estate lasts for the life of some specified individual.
What is a life estate.
500
Jami invents a new machine that automatically weeds small gardens. He obtains a patent for his invention from the U.S. government. Louisa buys one of Jami's machines, pulls it apart, copies his work, and starts producing and selling her own version of the amazing "Weed Eater." Louisa has:
has infringed on Jami's patent rights.
500
Alice hires Jenn to sign a lease for an office for her business. She tells Jenn to find an office space that is 2000 sq. ft. However, Jenn finds an office space that is 1500 sq. ft and signs the lease. Is there any agency relationship?
No