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