Exam 8: The Organizational Plan: Teams, legal Structures, alliances, and Directors

Match the term with its definition.Some terms may not be used. a.advisory board b.board of directors c.general partner d.legal entity e.limited liability company f.limited partner g.nonprofit corporation h.partnership agreement i.social capital j.social network -A group that serves as an alternative to a board of directors

Match the term with its definition.Some terms may not be used. a.advisory board b.corporation c.management team d.organizational test e.partnership agreement f.piercing the corporate veil g.preemptive right h.reciprocation i.stock certificate j.strategic alliance -A document specifying the number of shares owned by a stockholder

Explain how income is taxed in a sole proprietorship,a partnership,and a C corporation.Include in your discussion how dividends are taxed.

Which entity is liable for a corporation's debts?

The two dimensions of management control of a small corporation usually involves which individuals?

Any person capable of ____ may legally become a business partner.

Incorporation will not protect a firm's owners from liability if it is used to perpetrate a fraud,skirt a law,or commit some wrongful act.

Sam does not want to share the fruits of his labor with anyone.It is important to him that he have total control over his new business.Which form of ownership would you recommend for Sam?

Match the terms with their definitions.Some terms may not be used. a.advisory board b.B corporation c.C corporation d.corporate bylaws e.corporate charter f.limited partnership g.partnership h.professional corporation i.S corporation j.sole proprietorship k.​unlimited liability -An ordinary corporation taxed by the federal government as a separate legal entity

Ingrid has asked 110 of her closest friends to invest in her company,promising them protection from personal liability.Which form of ownership would you recommend Ingrid use?

Effective leadership is more important for prospective managerial personnel than for investors.

Large manufacturers have been known to form strategic alliances with small manufacturers in order to benefit from the smaller firms':

Jane and Randy have a partnership with their company of JR Enterprises.Which statements reflect how the partnership pays taxes?

The limited liability company form of organization

Which legal form allows owners to contribute no capital but still play a part in managing the business and share in its profits?

Trevor is in his early 60s but still wants to "strike out on his own" by starting a new business.One roadblock he may face is:

A corporate charter should:

Vicenzo is the sole owner and manager of a startup company.As the business grows,he finds it more difficult to fulfill the needs of all the management positions.Although he is the creative genius behind the company,he lacks experience in other areas.At this point,Vicenzo should:

Cameron is creating the document that specifies the size of the board,the duties of the directors,voting rights,etc.This document is known as:

Jeanne,a Canadian citizen,would like to invest in Ingrid's startup.If Ingrid organizes her business as a(n)________________________,Jeanne is prohibited from investing.