Exam #3 Flashcards
(29 cards)
No Fault Divorce
A divorce granted by a court without either party having to prove fault by the other party.
Equitable Distribution
A fair division of marital assets and debts, which may or may not be an equal split
Community Property
All property acquired by a partner during a marriage other than by gift or inheritance
PreNuptial Agreement
A binding contract whereby two persons who are contemplating marriage specify certain future mutual rights and obligations as marriage partners
Grounds for Divorce
- Irreconcilable differences
- Abuse
- Desertion
- Imprisonment or in a mental facility for 2+ years
- Adultery
- Persistent Drug or Alcohol Abuse
- “Deviant Sexual Behavior”
Alimony (and when it ends)
Financial support paid from one spouse to another; ends when the payee dies or remarries
Palimony
Compensation paid from one unmarried partner to another after separation
Common Law Marriage
A bond formed when two people live together in the manner as a married couple would for a specified number of years
Annulment (and grounds for annulment)
Voids a marriage and declares it invalid from the start; bigamy, incest, misrepresentation, underage, under duress, mentally incapable of consenting
Surrogate
A woman who carries a child to term with the intent to relinquish her parental rights to another person when the child is born
Tax Treatment Corporations
Pay income tax and federal corporate taxes
Tax Treatment of General Partnerships
Does not pay income tax but “passes through” any profits or losses to the partners
Tax Treatment of Sole Proprietorships
Owner pays income tax (business income is the owner’s income)
Corporate Veil
Separates the company from it’s owners, meaning owners are not generally personally liable for the company’s debts or obligations
Corporation
A legal entity that becomes the business; owners in the corporation are shareholders and are not liable for company debts
General Partnership
A business owned by two or more person(s)
Sole Proprietorship
The owner is the business and the business is the owner
Limited Liability Corporation (LLC)
One or more members, hybrid of a partnership and corporation; provides some liability protection
Liability of Corporations
The corporation itself is liable for it’s actions as well as employee actions within the scope of their employment with the company
Liability of General Partnerships
No liability protection and owners are responsible for the business’s debts and liabilities regardless of involvement
Liability of Sole Proprietorships
No liability protection and owner is responsible for the business’s debts and liabilities
Protected Classes
Race, Age, Gender, Sex, Sexuality, National Origin, Religion, Genetic Information, Retaliation
Bona Fide Occupational Qualifications (BFOQ)
An occupational requirement that must be met in order to fulfill the job role
Quid Pro Quo Sexual Harassment
When an individual in a position of authority demands sexual favors in exchange for a job or negative consequences
