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75 Cards in this Set

  • Front
  • Back
Advantages of Sole Proprietorship
complete control and receives all profits. Flexible
Disadvantage of Sole Proprietorship
Owner Liable for all Losses.
Franchisor licenses the dealer to sell manufactored product. Ivan Leonard
Chain Style
Operating under a franchisors name. Ex: McDonalds
Franchisor sells essential ingredients.
Ex: coke
Advantages Partnership
Pass through tax entity
Disadvantage Of Partnership
Unlimited Liability
Limited Partnership Advantages
Liability of members is limited to amount of investment
Limited Partnership Disadvantages
Lack of uniformity of state laws
one or more share holders.
Corporation Again
Taxed Twice.
combines limited liability of a corporation and tax advantages of a partnership.
Limits on personal liability of partners but allows pass through tax advantages.
Limited Partner
Partner that only invest money.
Domestic Corp
Does business in state of incorporation.
Foreign Corp
Corporation of x state doing business in y state.
Formed in another country doing business in the US.
Respondiat Superior
The corporation is liable for criminal acts but is only fined. Officers may go to prison.
Public Corp
formed by the govt to meet political or governmental purpose.
Private Corp
wholly or partly in private benefit.
Non profit Corp
Non Profit Corp
Formed for other purpose than to make money.
Closely Held Corp
Have informal management and are not publicly traded.
Sub Chapter
S in S Corp Stands for What?
Avoids Double taxation. Restricts number of shareholders.
Equity or ownership interest in the corporation.
Debt issued by the corporation. No ownership.
Alter-Ego/ Corp Viel
No commingling of personal and corporate assets or you lose protection.
General Power of Attorney
Permitting the agent to transact all business for the principle
Special Power of Attorney
permitting some acts only
Durable Power of Attorney
last until death of the principle
Disclosed Principal
Identity of the Principle is known by third party.
Partially Disclosed Principal
Principal existence but identity is not known.
Undisclosed Principal
Identity and existence are both unknown.
Respondiat Superior
vicarious liability
Equal Dignity Rule
says that if the statue of frauds requires a K to be in writing then the agents power to enter into that K must also be in writing.
1931 Davis Bacon Act
Requires Payment of prevailing wages by firms doing business with govt.
1936 Walsh Healey Act
Minimum Wage and Time and a Half over time.
1938 Fair Labor Standards Act
extension of wage hour requirements prohibits child labor
OSHA-occupational safety and health act
Set standards for work environments. department of labor.
State Workers Compensation Laws
Must be accidental. bars employees from suing.
Social Security Act
Old age survivors and disability insurance both employees and employers must contribute.
health insurance for 65 plus or disabled.
Employee Retirement Income Security Act or ERISA
regulates private pension plans
Unemployment Compensation
taxes paid by employers to state
HIPAA- Health Insurance Portability and Accountability Act
regulated manner in which health info is collected and used.
COBRA- Consolidated Omnibus Budget Reconciliation Act
Prohibits elimination of Insurance
FMLA- Family and Medical Leave Act
Protects employees who need time off for family or medical reasons
Title VII of the Civil RIights Act of 1964
Prohibits job discrimination based on race, color, origin, relegion, gender
Quid Pro Quo
something exchanged for something else
Hostile Environment Harrassment
Creates hostile / intimidating work environment
Discrimination by age
protects people 40+; prohibits mandatory retirement
discrimination by disability
Americans with Disabilities Act - encourages to hire people with disabilities
seniority, employee misconduct, bona fide occupational qualification
Defenses to Discrimination
immovable, water and surface above it
air-subsurface rights
airspace, soil, and minerals below
plant life
real property until seperated from land
carpets, fans
fee simple
exclusive rights of possession
life estate
ceases on death of life tenant
tenancy in common
owns divided portion of property
joint tenancy
owns undivided portion of whole property; dead tenants interest goes to other tenant
tenants for years
specified period of time - apartment
periodic tenancy
unspecified year; must give 1 month notice for leaving
limited use of another persons real property
right to go onto land and take away some part of land - hunting lease
permission; revocable
warranty dead
greatest buyer protection; grantor liable all defects
special warranty deed
grantor has good title; no idea about previous grantors
grant deed
grantor owns; not previously transferred
quitclaim deed
grants whatever interest grantee holds
restrictive covenants
private restriction on use of land
adverse possession
eminent domain
take land for public use
Kelo vs New London, Connecticut
public use is simply public interest