Brainscape's Knowledge GenomeTM

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


See full index

Business Law MGT 330 > Law Quiz 4 > Flashcards

Law Quiz 4 Flashcards

1
Q

Limited liability company definition

A

group of people who come together for the purpose of reducing their responsibility/their financial risk

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

what is the minimum number of people to form an LLC

A

1

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

why do LLCs have to have LLC in their name

A

so that the other company knows what they are working with, they would want a large insurance policy If they know that your liability is limited

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

an LLC is made up of ___
an LLC is run by ___

A

made up of members
run by managers

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

an LLC is made up of ___

A

members

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

an LLC is run by ____

A

managers

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

in an LLC, all ___ are ___, but not all ____ are ____

A

all managers are members but not all members are managers

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

what can determine each member’s percentage ownership in an LLC

A
  1. amount of money contributed
  2. amount of property/equipment contributed
  3. ideas contributed
  4. experience/skills
  5. time/effort
  6. contacts (who they know)
  7. what they all agree on/want/decide on (someone could provide 90% of the $ but have minority ownership share)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

members of an LLC share in ___ and ___

A

members of an LLC share in profits and losses

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

operating agreement definition

A

a written contract signed by the members which sets out their rights and duties and describes how the LLC is to be run or managed
most important part: list of members and their percent shares

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

T/F: members of an LLC can sell or transfer their interests to non-members

A

true

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

steps of member transferring interests to non-member

A
  1. person leaving would need to tell everyone that they wanted out, give them the opportunity to buy their shares (the right of first refusal)
  2. B can always get out, but E can only get in if ACD approve of it
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

passive LLC member

A

doesn’t participate in meetings but does share in profits or loss

may happen when ACD didn’t let in E but B gave them their interests

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

characteristics of corporations

A
  • they are a separate and distinct entity from their shareholders
  • they can sue and be sued
  • they can enter into contracts
  • they can buy and sell property
  • they are created under state, not federal, law
  • shareholders in a corporation have limited liability (their liability is limited to the value of their shares at a particular point in time)
  • they exist forever (until they are dissolved, merged, etc.)
  • they are considered a person under the law (i.e. what rights they are entitled to)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

can nonprofit corporations make a profit

A

legally, they can make a profit, but they must retain or reinvest them in the company

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

examples of subsidiary corporations

A

pepsi, P&G, disney
parent company, subsidiaries, more subsidiairies

17
Q

what’s good about subsidiary companies for the parent company

A
  1. diversity risk
  2. marketing/differentiation
  3. easier to manage
18
Q

discrimination definition

A

treating people differently based upon some characteristicl

19
Q

legal workplace discrimination

A
  • role/responsibility/tenure
  • education/certifications
  • skills/effort
  • age (younger end)
  • criminal record
  • appearance (voluntary appearance only)
20
Q

illegal workplace discrimination

A
  • race/ethnicity
  • gender/pregnancy status
  • religion
  • disability
  • age (40+)
  • national origin
  • veteran status
  • sexual orientation
  • transgender status
  • genetic information
21
Q

rules about age and appearance discrimination

A

can’t discriminate about age if they’re over 40

can’t discriminate about appearance if its involuntary

22
Q

union definition

A

groups of workers who organize together to advance their collective interest on issues such as
wages, working conditions, benefits, hours

23
Q

where do unions usually occur

A

public service jobs where there are big power imbalances

Manufacturing
Construction/labor
Education
Truckers
Healthcare
Food service
Sports
Public safety (police/fire)

24
Q

sexual harassment

A

conduct of a sexual nature that is so pervasive and severe that it impacts the victims ability to do their job

2 types
1. quid pro quo (do this, get that)
2. hostile work environment (more common)

25
Q

disability definition

A

a physical or mental impairment which significantly impacts one or more major life activities

26
Q

disability rule

A

if an employee has a disability, the employer must provide the employee with reasonable accommodations

27
Q

if an employee has a disability, the employer must provide the employee with ____ _____

A

reasonable accommodations

28
Q

family medical leave act FMLA

A

federal law that allows employees to take up to 12 weeks of UNPAID leave off each year to deal with a serious medical condition of their own, their spouse, their child, or their parent

it guarantees that they will have a job waiting for them when they return (usually the same job)

29
Q

whats the catch with FMLA
how many weeks off

A

its unpaid time
up to 12 weeks off

30
Q

Chapter 7 bankruptcy

A

For individuals and businesses
Liquidation: selling assets to pay creditors

31
Q

Chapter 9 bankruptcy law

A

Only available to cities and towns

32
Q

Chapter 11 and 13 bankruptcy law

A

Reorganization
11: businesses
13: individuals

In situations where the individual debtor (or a company) earns a good income but still cannot pay their debts in full, they can file a chapter 11 (business) or 13 (individual). In those cases, they pay all of their excess monthly cashflow to their creditors for a 60 month period. Whatever debt is left after this 60 month period is discharged (goes away).

If you make too much money to file a 7, you have to file an 11 or 13

33
Q

Negotiable instruments

A

piece of paper that could be turned into something worth something, like cash. Most common form of a negotiable instrument
Is a check

34
Q

Who uses bylaws and who uses operating agreements

A

Corporations have bylaws, Limited Liability Companies have operating agreements

35
Q

Bylaw definition

A

Written internal rules that corporations adopt and follow that govern their affairs and activities

Business Law MGT 330 (4 decks)

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