Bul 3130 Final exam || with A+ Guaranteed Solutions.
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Course
Bul 3130
Institution
Bul 3130
• Sole Proprietorship correct answers owner is the business. Responsible for rising capital and liable for all debts
o Fictitious Name correct answers any name other than the name of the individual.
• Partnership correct answers 2 or more business partners. State law now says for many iss...
Bul 3130 Final exam || with A+ Guaranteed Solutions.
• Sole Proprietorship correct answers owner is the business. Responsible for rising capital and
liable for all debts
o Fictitious Name correct answers any name other than the name of the individual.
• Partnership correct answers 2 or more business partners. State law now says for many issues a
partnership can be treated as an independent entity.
o Fiduciary Duty correct answers each partner acts in good faith for the benefit of the partnership
Winding up of a partnership involves correct answers completing any unfinished business and
then collecting and distributing the partnership's assets.
• Limited Partnership correct answers 2 or more business partners. Not all partners have the right
to participate in management and not all are liable for debts
• Corporations correct answers a legal entity.
o Bylaws correct answers rules that regulate and govern the internal operations.
o Close Corporation correct answers one whose shares are held by one shareholder or a small
group.
o Proxy correct answers written authorization to cast a shareholder vote so they don't have to
attend the meeting
o Business Judgment Rule correct answers makes directors and managers immune from liability
when problems result from honest mistakes in judgment.
• Professional Corporation (PC) correct answers groups of doctors or professionals in practice
together. Only liable for what you put in. Not responsible for someone else's malpractice or
negligence.
• Limited Liability Company (LLC) correct answers treated like a corporation for liability
purposes and a partnership for tax purposes.
Nat'l Labor Relations Act 1935 correct answers created: the opportunity and the right for labor to
unionize, strike and engage in collective bargaining with management
Environmental Protection Agency correct answers has primary responsibility for four major
external environmental problems: air pollution, water pollution, land pollution, and pollution
associated with certain products.
, • Chapter 7 correct answers "Fresh Start"—liquidation and fair distribution of the debtor's non-
exempt assets to creditors. Usually voluntary.
o Liquidating bankruptcy is correct answers available for businesses, but only individuals can
use Chapter 7 to obtain discharge.
o Immediate _____ placed against all actions against the debtor/debtor's property by any
creditors. Applies to _______. correct answers freeze; individuals, corporations, everyone.
• Chapter 9 correct answers bankruptcy for municipal governments
• Chapter 11 correct answers applies to businesses that wish to remain in business and not be
liquidated.
• Debtor in Possession correct answers debtor who remains in control of a business or assets
under chapter 11 and reorganization. (Up to 5 years to pay off debt.)
• Chapter 13 correct answers voluntary option only available for individuals
Endangered and Threatened Species Habitat— correct answers the Endangered Species Act
recognizes the value of species habitat. It authorizes designation of critical habitat—areas needed
to preserve endangered species—and calls for recovery plans for listed species. Under the
Endangered Species Act, no person may "take, import, or conduct commercial activity with
respect to any endangered species." Endangered Species Act states that projects may not "result
in the destruction or modification of habitat of [endangered] species.
Occupational Safety and Health Act correct answers The Occupational Safety and Health Act of
1970 which states that employers must provide a workplace free from recognized hazards that
are causing or are likely to cause death or serious physical harm and that employers must comply
with occupational safety and health standards issued by OHSA under the statute. Inspectors visit
workplaces and respond to workers calling with concerns because of this act. The Occupational
Safety and Health Act (OSHA) applies to virtually all private employers within the scope of the
act, except for Federal, State and Local Government employers
Civil Rights Act of 1991 correct answers Civil Rights Act of 1991 states that the Civil Rights
Act of 1964 applies extraterritorial to conduct in other countries by an employee who is from the
United States.
Worker's Compensation correct answers Workers' compensation provides an injured-on the job
employee with all health care required to recover and can provide re-training and higher
education. For this benefit the employee gives up the right to sue the employer for the injuries,
including death.
Securities and Exchange Commission correct answers The Securities and Exchange Commission
(SEC) is the agency charged with the responsibility for the enforcement and administration of the
federal securities laws. The SEC is a bipartisan, independent agency that has five members
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