Podcast
Questions and Answers
According to Chapter 605 of Florida Statutes, which type of business entity can raise additional capital through debt capital and equity capital?
According to Chapter 605 of Florida Statutes, which type of business entity can raise additional capital through debt capital and equity capital?
- General Partnerships
- Limited Liability Partnerships
- Limited Liability Companies
- Limited Partnerships (correct)
According to Chapter 605 of Florida Statutes, which type of business entity requires the names of all general partners to be included in the certificate?
According to Chapter 605 of Florida Statutes, which type of business entity requires the names of all general partners to be included in the certificate?
- Limited Partnerships (correct)
- General Partnerships
- Limited Liability Companies
- Limited Liability Partnerships
According to Chapter 605 of Florida Statutes, which type of business entity is a tax-reporting entity?
According to Chapter 605 of Florida Statutes, which type of business entity is a tax-reporting entity?
- Limited Liability Partnerships
- Limited Partnerships
- General Partnerships (correct)
- Limited Liability Companies
According to Chapter 605 of Florida Statutes, which type of business entity requires the filing of an Operating Agreement with a Division of Corporation?
According to Chapter 605 of Florida Statutes, which type of business entity requires the filing of an Operating Agreement with a Division of Corporation?
According to Chapter 605 of Florida Statutes, which type of business entity is available only to businesses that provide professional services?
According to Chapter 605 of Florida Statutes, which type of business entity is available only to businesses that provide professional services?
According to Chapter 605 of Florida Statutes, which type of business entity are limited partners not fiduciaries of?
According to Chapter 605 of Florida Statutes, which type of business entity are limited partners not fiduciaries of?
According to Chapter 605 of Florida Statutes, what is the duration of a fictitious name registration in Florida?
According to Chapter 605 of Florida Statutes, what is the duration of a fictitious name registration in Florida?
Which document must be filed with the Division of Corporations to legally create a Limited Partnership?
Which document must be filed with the Division of Corporations to legally create a Limited Partnership?
What is the document that must be filed with the Division of Corporations to create a Limited Liability Partnership?
What is the document that must be filed with the Division of Corporations to create a Limited Liability Partnership?
What is the abbreviation added as a suffix in Florida to indicate that a business is a professional corporation?
What is the abbreviation added as a suffix in Florida to indicate that a business is a professional corporation?
How long is a fictitious name registration valid for in Florida?
How long is a fictitious name registration valid for in Florida?
Which chapter of the Florida Statutes governs Business Corporations?
Which chapter of the Florida Statutes governs Business Corporations?
What is the term for a person or organization that purchases securities from an issuer with a view to distributing them?
What is the term for a person or organization that purchases securities from an issuer with a view to distributing them?
What is the term for the preliminary prospectus of a corporation?
What is the term for the preliminary prospectus of a corporation?
Which one of these is true about limited partners in a Limited Partnership?
Which one of these is true about limited partners in a Limited Partnership?
Which one of these is true about a sole proprietorship?
Which one of these is true about a sole proprietorship?
Which one of these is true about the liability of an employer for the negligent hiring of an employee?
Which one of these is true about the liability of an employer for the negligent hiring of an employee?
Which one of these is true about the document that legally creates a Limited Liability Partnership?
Which one of these is true about the document that legally creates a Limited Liability Partnership?
Which one of these is true about a general partnership?
Which one of these is true about a general partnership?
Which one of these is true about the duty of loyalty of agents?
Which one of these is true about the duty of loyalty of agents?
Which one of these is true about independent contractors?
Which one of these is true about independent contractors?
Which form must be filed with the IRS to obtain tax deductions for a home office?
Which form must be filed with the IRS to obtain tax deductions for a home office?
Which federal acts play the largest role in the formation and regulation of public corporations?
Which federal acts play the largest role in the formation and regulation of public corporations?
Which two documents are necessary to form a limited liability company?
Which two documents are necessary to form a limited liability company?
What is the term for profits paid out to shareholders in proportion to each shareholder’s interest in the corporation?
What is the term for profits paid out to shareholders in proportion to each shareholder’s interest in the corporation?
What is the purpose of the Sarbanes-Oxley Act federal law?
What is the purpose of the Sarbanes-Oxley Act federal law?
What is the doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes?
What is the doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes?
What are the three fiduciary duties of corporate directors?
What are the three fiduciary duties of corporate directors?
What is the rule that requires creditors to look to business assets first before going after the partners’ personal assets?
What is the rule that requires creditors to look to business assets first before going after the partners’ personal assets?
What is the term for someone authorized by the principal to handle a definite business transaction or to do a specific act?
What is the term for someone authorized by the principal to handle a definite business transaction or to do a specific act?
Limited Liability Companies in Florida are governed by Chapter 605 of Florida Statutes.
Limited Liability Companies in Florida are governed by Chapter 605 of Florida Statutes.
A certificate of Limited Partnership must include the names of all the general partners.
A certificate of Limited Partnership must include the names of all the general partners.
A Limited Liability Partnership in Florida is only available to businesses that provide professional services.
A Limited Liability Partnership in Florida is only available to businesses that provide professional services.
Limited Partnerships can raise additional capital through debt capital and equity capital.
Limited Partnerships can raise additional capital through debt capital and equity capital.
To create a limited liability company, you must file an Operating Agreement with a Division of Corporation.
To create a limited liability company, you must file an Operating Agreement with a Division of Corporation.
A general partnership is a tax-reporting entity.
A general partnership is a tax-reporting entity.
Limited partners in a Limited Partnership are not fiduciaries of the partnership.
Limited partners in a Limited Partnership are not fiduciaries of the partnership.
True or false: The liability of an employer for the negligent hiring of an employee is based on the doctrine of Respondeat Superior.
True or false: The liability of an employer for the negligent hiring of an employee is based on the doctrine of Respondeat Superior.
True or false: A general partnership must file an application with each state other than the state of formation in which it wants to conduct business.
True or false: A general partnership must file an application with each state other than the state of formation in which it wants to conduct business.
True or false: The document that legally creates a Limited Liability Partnership is the 'Statement of Qualification.'
True or false: The document that legally creates a Limited Liability Partnership is the 'Statement of Qualification.'
True or false: Chapter 621 of the Florida Statutes governs professional Corporations.
True or false: Chapter 621 of the Florida Statutes governs professional Corporations.
True or false: Registration of a fictitious name does not reserve or protect a fictitious name against another party's use.
True or false: Registration of a fictitious name does not reserve or protect a fictitious name against another party's use.
True or false: If a sole proprietor wants to report a business loss to the IRS, they must use Schedule C.
True or false: If a sole proprietor wants to report a business loss to the IRS, they must use Schedule C.
True or false: Limited Liability Partnerships are not required to file annual reports with the Division of Corporations.
True or false: Limited Liability Partnerships are not required to file annual reports with the Division of Corporations.
True or false: The document that must be filed with the Division of Corporations to legally create a Limited Partnership is a Certificate of Limited Partnership.
True or false: The document that must be filed with the Division of Corporations to legally create a Limited Partnership is a Certificate of Limited Partnership.
True or false: If a Limited Partnership wants to transact business in another state, it must file to become a foreign Limited Partnership in that state.
True or false: If a Limited Partnership wants to transact business in another state, it must file to become a foreign Limited Partnership in that state.
True or false: The document that must be filed with the Division of Corporations to create a Limited Liability Partnerships is a Statement of Qualification.
True or false: The document that must be filed with the Division of Corporations to create a Limited Liability Partnerships is a Statement of Qualification.
True or false: There’s only one name for Limited Liability Limited Partnership.
True or false: There’s only one name for Limited Liability Limited Partnership.
True or false: S.E.C Form S-1 is a registration statement that is filed to transition from a private to a public corporation.
True or false: S.E.C Form S-1 is a registration statement that is filed to transition from a private to a public corporation.
True or false: If a corporation does not comply with necessary formalities, a court may pierce the corporate veil.
True or false: If a corporation does not comply with necessary formalities, a court may pierce the corporate veil.
True or false: In Florida, this abbreviation P.A. added as a suffix indicates that a business is a professional corporation.
True or false: In Florida, this abbreviation P.A. added as a suffix indicates that a business is a professional corporation.
True or false: The purpose of the Sarbanes-Oxley Act federal law is to assist companies in tax evasion by improving the accuracy and reliability of corporate disclosures.
True or false: The purpose of the Sarbanes-Oxley Act federal law is to assist companies in tax evasion by improving the accuracy and reliability of corporate disclosures.
True or false: Federal securities laws are sometimes referred to as Blue Sky Laws.
True or false: Federal securities laws are sometimes referred to as Blue Sky Laws.
True or false: The rule that requires creditors to look to business assets first before going after the partners’ personal assets is called Marshaling of Assets or Exhaustion Rule.
True or false: The rule that requires creditors to look to business assets first before going after the partners’ personal assets is called Marshaling of Assets or Exhaustion Rule.
True or false: To elect subchapter S status, Form 2553 must be filed with the IRS.
True or false: To elect subchapter S status, Form 2553 must be filed with the IRS.
True or false: A public corporation must file Form 8-K whenever any material information within a corporation’s registration statement changes.
True or false: A public corporation must file Form 8-K whenever any material information within a corporation’s registration statement changes.
True or false: The two federal acts that play the largest role in the formation and regulation of public corporations are The Securities Act of 1933 and the Securities Exchange Act of 1934.
True or false: The two federal acts that play the largest role in the formation and regulation of public corporations are The Securities Act of 1933 and the Securities Exchange Act of 1934.
True or false: Juanita is the sole owner of a computer service business. Juanita hires Alberto to manage the business. In this scenario, Juanita is the principal and Alberto is the agent.
True or false: Juanita is the sole owner of a computer service business. Juanita hires Alberto to manage the business. In this scenario, Juanita is the principal and Alberto is the agent.
True or false: John, a prisoner, wants to marry Betty in a church wedding. The prison does not have a chapel. John and Harry agree that Harry will stand in for John at John's wedding at a nearby church. In this scenario, John is the principal, Betty is neither a principal nor an agent, and Harry is the agent.
True or false: John, a prisoner, wants to marry Betty in a church wedding. The prison does not have a chapel. John and Harry agree that Harry will stand in for John at John's wedding at a nearby church. In this scenario, John is the principal, Betty is neither a principal nor an agent, and Harry is the agent.
True or false: Cafe Boeuf is a fancy French restaurant owned by Henri, Maurice, and Jeanette as equal partners. The three partners unanimously voted to purchase and operate the dry cleaners adjacent to the restaurant. In light of this action, Henri has the authority to act on the partnership's behalf.
True or false: Cafe Boeuf is a fancy French restaurant owned by Henri, Maurice, and Jeanette as equal partners. The three partners unanimously voted to purchase and operate the dry cleaners adjacent to the restaurant. In light of this action, Henri has the authority to act on the partnership's behalf.
Chapter 605 of Florida Statutes governs ______
Chapter 605 of Florida Statutes governs ______
A certificate of Limited Partnership must include the names of all the ______ partners but not the limited partners
A certificate of Limited Partnership must include the names of all the ______ partners but not the limited partners
A Limited Liability Partnership in Florida is only available to businesses that provide ______ services
A Limited Liability Partnership in Florida is only available to businesses that provide ______ services
Limited Partnerships can raise additional capital through ______ capital and ______ capital
Limited Partnerships can raise additional capital through ______ capital and ______ capital
To create a limited liability company, you must file an Operating Agreement with a ______ of Corporation
To create a limited liability company, you must file an Operating Agreement with a ______ of Corporation
A general partnership is a ______-reporting entity
A general partnership is a ______-reporting entity
Limited partners in a Limited Partnership are not ______ of the partnership
Limited partners in a Limited Partnership are not ______ of the partnership
According to Chapter 605 of Florida Statutes, which type of business entity is available only to businesses that provide professional services?
According to Chapter 605 of Florida Statutes, which type of business entity is available only to businesses that provide professional services?
Which one of these is true about a sole proprietorship?
Which one of these is true about a sole proprietorship?
In a sole proprietorship, the only method of raising capital is through ______ capital.
In a sole proprietorship, the only method of raising capital is through ______ capital.
Activities in which limited partners may participate are referred to as ______ activities.
Activities in which limited partners may participate are referred to as ______ activities.
The directors of a corporation carry on the day-to-day activities of the ______.
The directors of a corporation carry on the day-to-day activities of the ______.
Larry owns a hardware store. He appoints Stan to be the store manager. Stan is considered a ______ agent.
Larry owns a hardware store. He appoints Stan to be the store manager. Stan is considered a ______ agent.
Limited partners in a Limited Partnership may not take part in other ______ opportunities.
Limited partners in a Limited Partnership may not take part in other ______ opportunities.
State Securities laws are the ones referred to as “blue sky ______”
State Securities laws are the ones referred to as “blue sky ______”
The document that must be filed with the Division of Corporations to legally create a Limited Partnership is a Certificate of Limited ______
The document that must be filed with the Division of Corporations to legally create a Limited Partnership is a Certificate of Limited ______
If a Limited Partnership wants to transact business in another state, it must file to become a foreign Limited ______ in that state
If a Limited Partnership wants to transact business in another state, it must file to become a foreign Limited ______ in that state
The document that must be filed with the Division of Corporations to create a Limited Liability Partnerships is a Statement of ______
The document that must be filed with the Division of Corporations to create a Limited Liability Partnerships is a Statement of ______
There’s only one name for Limited Liability Limited Partnership. ______
There’s only one name for Limited Liability Limited Partnership. ______
S.E.C Form S-1 is a registration statement that is filed to transition from a private to a public ______
S.E.C Form S-1 is a registration statement that is filed to transition from a private to a public ______
If a corporation does not comply with necessary formalities, a court may ______
If a corporation does not comply with necessary formalities, a court may ______
Which of the following is the form for a public corporation’s annual report. ______
Which of the following is the form for a public corporation’s annual report. ______
Which of the following are the two necessary documents to form a limited liability company. ______.
Which of the following are the two necessary documents to form a limited liability company. ______.
What is the term for profits paid out to shareholders in proportion to each shareholder’s interest in the corporation.
What is the term for profits paid out to shareholders in proportion to each shareholder’s interest in the corporation.
The purpose of the Sarbanes-Oxley Act federal law is to assist companies in tax evasion by improving the accuracy and reliability of corporate disclosures.
The purpose of the Sarbanes-Oxley Act federal law is to assist companies in tax evasion by improving the accuracy and reliability of corporate disclosures.
Which of the following is the doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes.
Which of the following is the doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes.
State Securities laws are sometimes referred to as:
State Securities laws are sometimes referred to as:
Which of the following is the term for someone authorized by the principal to handle a definite business transaction or to do a specific act.
Which of the following is the term for someone authorized by the principal to handle a definite business transaction or to do a specific act.
Which of the following are the three fiduciary duties of corporate directors.
Which of the following are the three fiduciary duties of corporate directors.
Which of the following is the rule that requires creditors to look to business assets first before going after the partners’ personal assets.
Which of the following is the rule that requires creditors to look to business assets first before going after the partners’ personal assets.
Which of the following is the form for a public corporation’s annual report?
Which of the following is the form for a public corporation’s annual report?
Which of the following are the two necessary documents to form a limited liability company?
Which of the following are the two necessary documents to form a limited liability company?
What is the term for profits paid out to shareholders in proportion to each shareholder’s interest in the corporation?
What is the term for profits paid out to shareholders in proportion to each shareholder’s interest in the corporation?
What is the purpose of the Sarbanes-Oxley Act federal law?
What is the purpose of the Sarbanes-Oxley Act federal law?
Which of the following is the doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes?
Which of the following is the doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes?
Which of the following is the term for someone authorized by the principal to handle a definite business transaction or to do a specific act?
Which of the following is the term for someone authorized by the principal to handle a definite business transaction or to do a specific act?
Which of the following are the three fiduciary duties of corporate directors?
Which of the following are the three fiduciary duties of corporate directors?
Which of the following is the rule that requires creditors to look to business assets first before going after the partners’ personal assets?
Which of the following is the rule that requires creditors to look to business assets first before going after the partners’ personal assets?
To obtain tax deductions for a home office, which form must be filed with the IRS?
To obtain tax deductions for a home office, which form must be filed with the IRS?
To elect subchapter S status, which form must be filed with the IRS?
To elect subchapter S status, which form must be filed with the IRS?
Flashcards are hidden until you start studying
Study Notes
Business Entities
- Limited Partnerships can raise additional capital through debt capital and equity capital.
- A certificate of Limited Partnership must include the names of all general partners.
- Limited Liability Companies in Florida are governed by Chapter 605 of Florida Statutes.
Limited Liability Partnerships
- Limited Liability Partnerships are available only to businesses that provide professional services.
- The document that must be filed with the Division of Corporations to create a Limited Liability Partnership is a Statement of Qualification.
General Partnerships
- A general partnership is a tax-reporting entity.
- Limited partners in a Limited Partnership are not fiduciaries of the partnership.
Fictitious Names
- A fictitious name registration is valid for a period of five years in Florida.
- Registration of a fictitious name does not reserve or protect a fictitious name against another party's use.
CORPORATIONS
- The abbreviation added as a suffix in Florida to indicate that a business is a professional corporation is P.A.
- Chapter 621 of the Florida Statutes governs professional Corporations.
- The purpose of the Sarbanes-Oxley Act federal law is to improve the accuracy and reliability of corporate disclosures.
- The two federal acts that play the largest role in the formation and regulation of public corporations are The Securities Act of 1933 and the Securities Exchange Act of 1934.
- A public corporation must file Form 10-K as an annual report.
Agency Law
- An agent is someone authorized by the principal to handle a definite business transaction or to do a specific act.
Limited Liability Companies
- To create a limited liability company, you must file Articles of Incorporation and an Operating Agreement with the Division of Corporation.
Taxation
- To obtain tax deductions for a home office, Form 8829 must be filed with the IRS.
- To elect subchapter S status, Form 2553 must be filed with the IRS.
Securities Laws
- State Securities laws are sometimes referred to as Blue Sky Laws.
Non-Profit Corporations
- The doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes is called Cy Pres.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
