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Business Organizations Review

Corporations are treated similarly to what else under the law?
similar to people
How are franchises taxed?
@ own rate of business
How do we describe a corporation whose stock certificates limit the conditions under which an owner may sell or transfer his stock(ownership) in the corporation?
“closely held”
How many owners can there be in a sole proprietorship?
1
If someone holds a legally recognized position of trust with another person, what is the legal term describing the person’s relationship to the other?
fiduciary
In a professional partnership, what is generally required of all the partners?
partnership agreement
Least regulated to most heavily regulated
sole-general partnership-limited partnership-LLP- corp.
Name 3 different forms of partnerships
-general -limited -limited liability
Under the theory of joint and several liability, what do we call the partner who can afford to pay if the other partners are unable to pay damages awarded to a victim?
deep pockets
What are the advantages of being a franchisee?
quick start of a business with a proven track record/some control/guidance and security/large scale advertising&production
What are the advantages of being a franchiser?
quicker expansion into markets
What are the corporate powers?
sue or be sued/make&amend internal operating procedures in its bylaws/ buy, hold, and sell real & personal property/ make contracts/ borrow & lend money/ participate in a partnership or other entity/ conduct its business inside and outside its state of origination/ elect it’s managers
What are the disadvantages of being a franchisee?
many upfront costs/ no guarantee of success/ franchiser has ultimate control/ limited to only distributing the franchiser’s product
What are the disadvantages of being a franchiser?
limited pool of viable entrepeneurs/ share profits/ difficult to suspend incompetent franchisees(could damage parent company’s image)
What are the fiduciary duties imposed on partners, and what do they entail?
-duty of loyalty -duty of care -duty of good faith and fair dealing
What are the four characteristics of corporations?
-continuity of life -centralization of management -limited liability -free transferability interest
What are the three forms of assets that a partner may contribute to a partnership?
-cash -service -property
What are the three general forms of business organizations?
-sole proprietorship -partnership -corporation
What does joint and several liability mean?
creditors and plaintiffs(people with lawsuits against the partnership) can choose to hold a wealthy partner responsible for all damages whether or not he caused the damages
What does the term liability mean?
legal responsibility
What is a franchise?
business model
Who is the franchiser?
develops products and business systems/ grants independent operators the right to distribute its products, techniques, and trademarks/ recieves
Who is the franchisee?
independent operators
What is like the constitution of a partnership?
partnership agreement
What is the biggest tax advantage of partnerships?
only taxed on personal level
What is the biggest tax advantage of sole proprietorships?
only taxed on personal level
What is the biggest tax disadvantage to corporations?
taxed twice ( corporate and individual level)
What is the document called that spells out the purpose of a partnership, how much each partner will contribute, each partner’s ownership interest, how profits and losses will be distributed, how partners will be compensated, management responsibilities, how a partnership may be terminated, under what conditions a partner may be forced to sell his interests to the other partners, and other terms of a partnership?
partnership agreement
What is the market instrument that the government requires LLPs to have that serves to both compensate the public for when they are injured by an LLP and also shut down habitually negligent LLPs?
liability insurance
What is the role that a limited, or silent partner may play in a limited partnership and what role may that partner not perform?
merely investors with financial interest/ have no management rights
What must be included in the name of a general partnership?
nothing
What must be included in the name of a limited liability partnership?
“limited liability partnership” or “LLP”
What must be included in the name of a limited partnership?
“limited liability” or “LP”
What percentage of businesses in America are sole proprietorships?
75%
What percentage of revenue do sole proprietorships compose out of all businesses?
6%
Which supreme court case established the fifth amendment right of corporations to protection from double jeopardy?
Fong Foo V United States
Which supreme court case established the rights of corporations to make and enforce contracts just like a natural person?
Dartmouth V Woodward
Which supreme court case established the rights of corporations to equal protection of the law under the 14th amendment?
Pembina V Pennsylvania
Which supreme court case established the rights of corporations to 1st amendment free speech rights, including political speech rights?
Citizens United V FEC
Which supreme court case established the sixth amendment right of corporations to a trial by jury?
Armour Packing V United States
Who are the owners of a corporation?
shareholders
What do the owners elect to run the corporation?
Board of Directors
liability in sole proprietorship
sole proprietor
liability in general partnership
everyone
liability in limited partnership
general partners
liability in limited liability partnership
insurance, no one
corporation
no one
franchise
depends on type of organization
Who hires corporate officers
Board of Directors
Who is responsible for the debts and obligations of a partnership?
general partners
CEO
executive
CFO
financial
COO
operations
CTO
technology
CIO
information
What are the two most important things to consider when contemplating which business organization to choose for one’s business?
liability and taxes
construction company
corporation
hair salon
sole
dog walker
sole
media company
limited liability partnership
medical practice
limited liability partnership
hospital
corporation
building management company
corporation
grocery store
corporation
plumber
limited partnership
landscaper
LLP
architect
LP
energy company specializing in nuclear energy
corporation

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