BLAW 3310 Exam 3 Questions and Answers (100% Pass)
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Course
BLAW 3310
Institution
BLAW 3310
SOLE PROPRIETORSHIP
→ person doing business for himself
ADVANTAGES AND DISADVANTAGES OF SOLE PROPRIETORSHIP
→ freedom, control, full liability
PARTNERSHIP
→ two or more persons carrying on business as owners for profit; must
INFER that partnership exists; individual partner can make de...
BLAW 3310 Exam 3 Questions and
Answers (100% Pass)
SOLE PROPRIETORSHIP
→ person doing business for himself
ADVANTAGES AND DISADVANTAGES OF SOLE PROPRIETORSHIP
→ freedom, control, full liability
PARTNERSHIP
→ two or more persons carrying on business as owners for profit; must
INFER that partnership exists; individual partner can make decisions on
basic things, but ALL decide and agree on extraordinary things
LIMITED PARTNERSHIP
→ at least one general partner and at least one limited partner
OPERATIVE ACT TO FORM CORPORATION
→ filing document (Articles of Incorporation) with Secretary of State
BYLAWS
→ rules that regulate and govern the internal operations of the
corporation
RIGHTS OF CORPORATIONS
→ free speech, free from search and seizure without warrant
→ must give lots of info to franchisee; financial returns
FTC FRANCHISE RULE
→ franchisor must give franchisee detailed info AT LEAST 10 DAYS PRIOR:
names, address, phone, responsibilities of franchisor and franchisee,
number of franchisees and how many gone out of business
NOTE
→ "I PROMIES to pay"; TWO parties, maker signs it, payee is to whom it is
made to
DRAFT
→ "pay"; THREE parties drawer (signs it), payee (to whom it is made
payable), drawee (check=bank; non-check=whoever you're directing
to pay the money)
MAKER
→ the one who signs on a note
DRAWER
→ orders drawee to pay payee
IF SAYS "PAY TO THE ORDER OF"
→ person to whom it's made payable must SIGN it, then DELIVER
IF SAYS "PAYABLE TO CASH/BEARER/NOBODY IN PARTICULAR"
Master01 | September, 2024/2025 | Latest update
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