Exam (elaborations)
MANA 3325-Exam 2-Chapter 5,6,11,12,13-UTA Spring well answered
- Course
- Institution
MANA 3325-Exam 2-Chapter 5,6,11,12,13-UTA Spring well answered
[Show more]
Content preview
MANA 3325-Exam 2-Chapter5,6,11,12,13-UTA Spring
sole proprietorship - correct answer ✔✔a business owned and managed by one individual; the business
and the owner are one and the same in the eyes of the laws
unlimited personal liability - correct answer ✔✔a situation in which the sole proprietor is personally
liable for all of the business's debts
partnership - correct answer ✔✔an association of two or more people who co-own a business for the
purpose of making a profit
partnership agreement - correct answer ✔✔a document that states in writing the terms under which the
partners agree to operate the partnership and that protects each partner's interest in the business
general partners - correct answer ✔✔partners who share in owning, operating, and managing a business
and who have unlimited personal liability for the partnership's debts
limited partners - correct answer ✔✔partners who make financial investments in a partnership, who do
not take an active role in managing a business, and whose liability for the partnership's debts is limited
to the amount they have invested
silent partners - correct answer ✔✔limited partners who are not active in a business but generally are
known to be members of the partnership
dormant partners - correct answer ✔✔limited partners who are neither active in a business nor
generally known to be associated with the business
limited partnership - correct answer ✔✔a partnership composed of at least one general partner and at
least one limited partner
, limited liability partnership (LLP) - correct answer ✔✔a special type of limited partnership in which all
partners, who in many states must be professionals, are limited partners
corporation - correct answer ✔✔a separate legal entity apart from its owners that receives the right to
exist from the state in which it is incorporated
domestic corporation - correct answer ✔✔a corporation doing business in the state in which it is
incorporated
foreign corporation - correct answer ✔✔a corporation doing business in a state other than the one in
which it is incorporated
alien corporation - correct answer ✔✔a corporation formed in another country but doing business in the
United States
closely held corporation - correct answer ✔✔a corporation whose shares are controlled by a relatively
small number of people, often family members, relatives, friends, or employees
publicly held corporation - correct answer ✔✔a corporation that has a large number of shareholders and
who stock usually is traded on one of the large stock exchanges
preemptive rights - correct answer ✔✔the rights of a corporation's original investors to purchase enough
shares of future stock issues to maintain their original percentage of ownership in the company
treasury stock - correct answer ✔✔the shares of its own stock that a corporation owns
right of first refusal - correct answer ✔✔a provision requiring shareholders who want to sell their stock
to offer it first to the corporation
bylaws - correct answer ✔✔the rules and regulations the officers and directors establish for a
corporation's internal management and operation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
