What is a Pass-Through Entity?

A business entity where the owners are taxed, not the business

A business where a single owner is legally responsible for business proceedings

A business where members are shielded from liability

A business where the majority of members are of a family

What is a Limited Liability Company (LLC)?

A business where the members are shielded from liability, but pay taxes individually

A business where liability is related to the amount of investment

A business entity where the owners are taxed, not the business

A business where a single owner is legally responsible for business proceedings

What is the role of a General Partner in a Limited Partnership (LP)?

Assumes responsibility and liability for the partnership

Files the formation document with the state government

Is shielded from liability but pays taxes individually

Is responsible for winding up the business

What is a Family Limited Liability Partnership (FLLP)?

An LLP where the majority of members are of a family

A business where a single owner is legally responsible for business proceedings

A business entity where the owners are taxed, not the business

A limited partnership where liability is related to the amount of investment

What is the purpose of Articles of Organization?

The formation document filed by an LLC with the state government

A document that outlines the responsibilities of a general partner

A tax return submitted by a partnership

A document that details the process of winding up a business

What does it mean when funds or goods are commingled?

They are mixed and indistinguishable

They are invested in different accounts

They are used for different purposes

What is a proxy in the context of company decision making?

Authorization to represent a shareholder

A certificate showing ownership of shares

A corporation owned by the government

A suit brought by a shareholder

What is the definition of a quorum?

The number of members needed for a decision-making body to act

A certificate granting the option to buy shares

A suit brought by a shareholder

A corporation with limited liability

What are retained earnings?

Profits not paid out as dividends

What is an S-Corporation?

A close corporation taxed as a partnership

A corporation whose shares are traded publicly

A corporation owned by the government

A certificate showing ownership of shares

What does a shareholder's derivative suit involve?

Enforcing a corporate cause of action against a third party

Granting the option to buy shares

What is a stock warrant?

A certificate granting the option to buy shares

A certificate showing ownership of shares

A suit brought by a shareholder

A corporation with limited liability

LGS exam 3 (1)

Authored by Judd Prescott

Business

12th Grade

Used 2+ times

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100 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a written agreement setting forth the rights and obligations of a partnership called?

Articles of Partnership

Buy-Sell Agreement

Charging Order

Franchise

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an express contract where a partner agrees to buy out another in the event of a partner's death, departure, or removal from the partnership?

Buy-Sell Agreement

Articles of Partnership

Dissolution

Goodwill

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the amount payable to a partner upon their departure from the partnership?

Buyout Price

Charging Order

Franchise Fee

Goodwill

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In partnership law, what is a court order that entitles a creditor to recover their due from a partner's interest in the partnership?

Charging Order

Buy-Sell Agreement

Dissociation

Franchise

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the separation of a partner from their partnership or member from their LLC called?

Dissociation

Dissolution

Franchise

Entrepreneurship

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formal disbanding of a partnership, corporation, or other business entity known as?

Dissolution

Dissociation

Franchise

Buyout

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is an individual that manages and assumes the risks of a new business?

Entrepreneur

Franchisee

Franchisor

Partner

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LGS exam 3 (1)

What is a written agreement setting forth the rights and obligations of a partnership called?

What is an express contract where a partner agrees to buy out another in the event of a partner's death, departure, or removal from the partnership?

What is the term for the amount payable to a partner upon their departure from the partnership?

In partnership law, what is a court order that entitles a creditor to recover their due from a partner's interest in the partnership?

What is the separation of a partner from their partnership or member from their LLC called?

What is the formal disbanding of a partnership, corporation, or other business entity known as?

Who is an individual that manages and assumes the risks of a new business?

What is the licensing of another to sell goods or services by the owner of a trademark, trade name, or copyright called?

Who is the party receiving rights to sell goods or services using another's trademark, trade name, or copyright?

Who is the licensing party giving the right to use their trademark, trade name, or copyright?

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