Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

More Paralegal Review > Business Organizations > Flashcards

Business Organizations Flashcards

1
Q

TBOC

A

Texas Business Organizations Code

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Types of Business Organizations

A 
Sole Proprietorship
General Partnership
Limited Partnership
L.L. Partnership
L.L. Company
Corporations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Sole Proprietorship

A

owner is the business

No separate legal entity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

A Sole Proprietorship is easy to

A

form, sell and or transfer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The Sole Proprietor is legally responsible for _________

A

Contracts and any torts s/he or any employees committ

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

DBA

A

Doing Business As- you can operate under the name of S.P or under a trade name.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

You form a DBA by

A

filing an assumed name certificate with the county clerk’s office

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

General Partnership

A

voluntary association of two or more persons

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

A general partnership must have _________ _____________even if it doesn’t make a profit.

A

profit motive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

General partnerships can be

A

oral, written or implied

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

General Partners are jointly____________and _____________liable for torts

A

liable for contracts and debts

jointly and severably

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Limited Partnerships have both

A

general and limited partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

General Partners in a L.P. have

A

unlimited liability for debts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Limited Partners in and L.P. are liable

A

only up to the amount of their original contribuiton

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A general partners role in an L.P is to

A

invest capitol and manage the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A limited partner in an L.P. only

A

invests capitol

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

To form an L.P. you must ___________ a ____________

A

execute and sign

certificate of Limited Partnership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

A Certificate of Limited Partnership Contains _________________

A

Name of L.P
Character of Business
Address of place of business, and registered agent for service of process
Names, addresses and contributions of all partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Limited Liability Partnership has only ____________partners whose liability is limited to

A

Limited

contribuitons

20
Q

L.L.P is formed by

A

formally filing articles of L.L.P with Secretary of State.

21
Q

A L.L.C. is a _________________

A

unincorporated business entity

22
Q

A L.L.C. combines most _____________ of _____________and __________ and corporations.

A

favorable attributes

general and limited partnerships

23
Q

LLCs can elect to be ___________like _________

A

taxed

partnerships

24
Q

Partners in an LLC are called___________and can_____________with___________liability.

A

owners
manage business
limited

25
Q

Members of a LLC may enter into an _____________that______________and__________

A

operating agreement
regulates the conduct
governs relationships

26
Q

Corporations generate _____of country’s

A

85%

gross business reciepts

27
Q

Owners of Corporations are called

A

shareholders

28
Q

Corporations are separate_________and are treated as _______________

A

legal entities

artificial persons

29
Q

4 Unique characteristics of Corporations

A

Limited Liability of shareholders
Free transferability of shares
Perpetual Existence
Centralized management

30
Q

Perpetual Existence

A

Corporation exists after death of partners

31
Q

A Corporation is a _________corporation in the state of incorporation

A

domestic

32
Q

A Corporation is a ___________corporation in all other states and jurisdictions

A

foreign

33
Q

The primary consideration when deciding which state to incorporate in is ________

A

tax issues

34
Q

______________incorporates the most business in this country

A

Deleware

35
Q

Articles of Incorporation is the ________________of the Corporataion

A

basic governing document

36
Q

Where is the Articles of Incorporation filed

A

Secretary of State of the state of incorporation

37
Q

__________are a detailed set of rules that are adopted by the board of directors.

A

Bylaws

38
Q

When are bylaws adopted

A

after incorporation

39
Q

Bylaws contain__________for ____________the business and __________of the corp.

A

provisions
managing
affairs

40
Q

The BOD appoints ___________who conduct the daily business

A

officers

41
Q

How is a Texas corporation different

A

It is formed by filing a certificated of formation with the secretary of state.

42
Q

Texas imposes a __________called a _______

A

privilege tax

margin tax

43
Q

Delaware imposes a __________called a _______

A

privilege tax

franchise tax

44
Q

A corporation whose stock is traded on a stock exchange

A

Public Corporation

45
Q

Evidence of ownership in a corporation is shown with

A

stock certificates

More Paralegal Review (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions