Exam 11: The Business Environment: Agency, Employment, Business Organizations, and Bankruptcy Laws

State laws that govern the sale or transfer of securities within the state are known as blue-sky laws.

What type of business entity is an organization providing limited liability to partners without restrictions of limited partnership often used by lawyers and accountants?

What type of business entity is a business owned and operated by one person?

A limited liability company is a business organization providing limited liability to its owners, but not taxed as a corporation.

What type of business entity is a business where two or more persons co-own a business for profit where each partner is individually liable for all partnership debts?

A business corporation files the articles of incorporation with which government agency?

Unlike a general partnership, not all of the co-owners of a limited partnership are involved in the ______ and operation of the business.

A ________ is a type of business organization that provides limited liability to its owners that is similar to a corporation but not taxed as a corporation.

What type of business entity is a business organization providing limited liability to its owners, but not taxed as a corporation, which is a cross between a sole proprietorship or partnership and a corporation, having characteristics of each?

The owner of a sole proprietorship in itself is fully _____ for any business debts.

In a business corporation, the board of directors is responsible for daily management.

Equity securities are:

The ______ is a federal agency that adopts rules that must be followed by corporations and other businesses that sell securities through any national exchange or through any means of interstate commerce.

What are the differences between a limited liability partnership and a limited liability company?

An owner of a sole proprietorship is not personally liable for business debts.

In a partnership, each of the partners is liable to third parties for debts of the partnership in proportion to his or her ownership interest in the partnership.

A corporation is sometimes called an artificial person.

Bankruptcy is governed primarily by federal law.

Which of the following factors are considered when one tries to pierce the corporate veil?