Chapter 14

Card Set Information

Author:
Ladybird1106
ID:
299835
Filename:
Chapter 14
Updated:
2015-04-07 21:32:47
Tags:
Corporate Governance Business Organizations
Folders:

Description:
Corporate Governance and Business Organizations
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Ladybird1106 on FreezingBlue Flashcards. What would you like to do?


  1. Forms of Business Organization
    426
    • **3 basic forms include
    • Sole proprietorships
    • Partnerships
    • Corporations

    • **4 hybrid forms
    • Limited partnerships
    • S corporations
    • Limited liability companies
    • Limited liability partnerships
  2. Factors to consider when selecting a businesses organizational form
    427
    • The cost of creating the organization
    • The continuity or stability of the organization
    • The control of decisions
    • The personal liability of the owners
    • The taxation of the organization's earning ad its distribution of profits to the owners
  3. Continuity
    427
    • The stability or durability of the organization
    • Also if the partnership is dissolved at any time there is a change in the partners.
  4. Dissolution
    427
    Any change in the ownership of the organization that changes the legal existence of the organization.
  5. Sole proprietorship
    429
    The easiest and least expensive business organization to create. Sole liability, all responsibility.

    KNOW
  6. Jointly Liability
    432
    All partners in a general partnership have unlimited liability for their organization's debts. The partners personal assets, which are not associated with the partnership, may be claimed by the partnership's creditors. Creditor can sue 1, 2, 3, ect to collect.

    KNOW
  7. Corporation
    428
    Shareholder obligations limited to investment, absent other commitments.
  8. Partnership
    430
    An agreement between two or more persons to share a common interest in a commercial endeavor and to share profits and losses.

    • Two or more persons
    • A common interest in business
    • Sharing profits and losses

    Employees receive a salary
  9. Termination
    431
    Involves the winding up or liquidating of a business; dissolution simply means the legal form of organization no longer exists.
  10. Corporation
    433
    An artificial, intangible entity created under the authority of the state's law.
  11. Domestic corportion
    In the state in which it is incorporated
  12. Foreign corporation
    433
    In other states than which it is incorporated
  13. Alien corporation
    433
    In another country other than where it is incorporated.
  14. Managerial control
    435
    • Shareholders- hold shares of the corporation
    • Directors- set the objectives or goals of the corporation, and appoint the officers
    • Officers- president, vice president, secretary, and treasurer, manage¬†daily operations of the corporation
  15. Proxy
    435
    Is an agent appointed by a shareholder for the purpose of voting the shares.
  16. Derivative suit
    436
    A lawsuit may be brought by  minority shareholder on behalf of the corporation.

    KNOW
  17. Piercing the corporate veil
    437
    Courts disregard the existence of a corporation

    KNOW
  18. Limited partnership
    442
    Is not personally liable, and have no control
  19. Limited liability
    442
    Owners are liable to the debt of the corporation up the amount of your initial investment.
  20. General partnership
    442
    Personally liable for the organization's debts.
  21. S Corporation
    Double taxation, the corporation is taxed on its profits, and the partners are also taxed on their shares or the profits.

What would you like to do?

Home > Flashcards > Print Preview