Podcast
Questions and Answers
Which type of business entity primarily allows for pass-through taxation?
Which type of business entity primarily allows for pass-through taxation?
- General Partnership (correct)
- Limited Liability Company (LLC) (correct)
- Corporation
- S Corporation (correct)
What characteristic primarily differentiates a Limited Partnership from a General Partnership?
What characteristic primarily differentiates a Limited Partnership from a General Partnership?
- Cost of formation
- Continuity of operations
- Number of owners
- Liability of owners (correct)
What is a key factor that can lead to 'Piercing the Corporate Veil'?
What is a key factor that can lead to 'Piercing the Corporate Veil'?
- Commingling of personal and corporate assets (correct)
- Regularly scheduled board meetings
- Having a diverse set of shareholders
- Proper capitalization of the corporation
Which of the following best describes the implications for an employee under Title VII if they face retaliatory action?
Which of the following best describes the implications for an employee under Title VII if they face retaliatory action?
During which period did the Supreme Court decisions shape significant labor laws and regulations?
During which period did the Supreme Court decisions shape significant labor laws and regulations?
What factor primarily affects the ability of a business entity to continue operations when one or more owners withdraws?
What factor primarily affects the ability of a business entity to continue operations when one or more owners withdraws?
Which of the following characteristics differs significantly between various types of business entities?
Which of the following characteristics differs significantly between various types of business entities?
What happens if corporate formalities are not honored?
What happens if corporate formalities are not honored?
Which of the following types of business entities generally restricts the number of shareholders?
Which of the following types of business entities generally restricts the number of shareholders?
How did the Lochner Era influence business regulation?
How did the Lochner Era influence business regulation?
Flashcards
Business Entity Types
Business Entity Types
Different legal structures for businesses in the US, each with distinct characteristics regarding formation, continuity, management, taxation, and liability.
Piercing the Corporate Veil
Piercing the Corporate Veil
A legal principle allowing creditors to hold shareholders personally liable for corporate debts if corporate formalities aren't followed (e.g., commingling funds).
Corporate Formalities
Corporate Formalities
Required procedures for corporations (e.g., shareholder meetings, proper capitalization, separate bank accounts) to maintain the corporate shield and avoid personal liability.
Lochner Era
Lochner Era
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Retaliatory Discharge
Retaliatory Discharge
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Sole Proprietorship
Sole Proprietorship
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Partnership
Partnership
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Limited Liability Company (LLC)
Limited Liability Company (LLC)
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Corporation
Corporation
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S Corporation
S Corporation
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Study Notes
Business Entities in the U.S.
- Primary types: Sole Proprietorship, Partnership (General), Limited Partnership, Limited Liability Company (LLC), Corporation, S Corporation
- Key Considerations: Cost/complexity of formation, Continuity (ability to continue operations when an owner withdraws), Management/Control, Taxation, Liability
- Different entities vary significantly in each characteristic. (Chart needed)
- Corporate Formalities: Proper meetings of owners/shareholders, proper capitalization, avoiding commingling of assets between business and personal accounts.
- Piercing the Corporate Veil: Consequences for ignoring corporate formalities (treating the business as an extension of personal assets).
- Entity Restrictions: Specific rules on shareholders, ownership by other entities (e.g., number of shareholders, ownership by other corporate entities).
- Regulatory Law and Supreme Court Decisions: Landmark cases relevant to business regulation, including Commerce Clause cases.
Lochner Era
- Understand the timeline of Supreme Court decisions during the Lochner Era (historical events).
- Key Cases: Slaughter House Cases.
- (Note: The provided text only lists one case. Additional cases discussed in the class, not provided, would be important.)
Other Restrictions (Title VII, ADEA, ADA)
- Retaliatory Discharge/Action: Protections from negative action for reporting violations.
- Retaliation Claim Standing: Expanded to co-workers who cooperate with investigations and spouses of employees whose actions directly impact them.
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