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 form of organization in which owners have limited liability but pay personal income taxes on business profits

Reciprocation is:

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 -A document that specifies the size of the board of directors,the duties and responsibilities of directors and officers,the scheduling of regular meetings,voting rights,and restrictions on the transfer of stock

A professional corporation shields owners from liability of other individuals in certain professional practices.

Upton was surprised to find his partner had signed an agreement to sell product to a customer at below cost.He tried to cancel the contract but found out that:

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 -A business owned by one person,who bears unlimited liability for the enterprise

Webster is reviewing resumes looking for candidates for leadership positions in his very young company.Webster is putting together his:

Unlimited liability for business debts is imposed on

A basic legal principle involving stockholders is that:

Startup owners may increase their chances for success by seeking _____ over a management team with family and friends.

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 business organization that is recognized by the law as having a separate existence

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 form of corporation for enterprises established to serve civic,educational,charitable,or religious purposes

What are selection characteristics for choosing board members?

A limited partnership must have at least two general partners and one or more limited partners.

An advisory board,as compared to a board of directors,

By utilizing the experience of a board of directors,the chief executive of a small corporation may have to relinquish active control of its operations.

Glenda,an employee of a corporation,caused a traffic accident while on company business.Who will pay for the damages?

Max chose to operate his production studio as a sole proprietorship even though his attorney cautioned that he was:

An ownership interest does not automatically confer a right to act for or to share in the management of a corporation.

There are no limits on the owner's personal liability in a sole proprietorship.