- Shuffle
Toggle OnToggle Off
- Alphabetize
Toggle OnToggle Off
- Front First
Toggle OnToggle Off
- Both Sides
Toggle OnToggle Off
Front
How to study your flashcards.
Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key
Up/Down arrow keys: Flip the card between the front and back.down keyup key
H key: Show hint (3rd side).h key
PLAY BUTTON
PLAY BUTTON
28 Cards in this Set
- Front
- Back
|
In order to be a HDC you must...
|
1) For Value (Past & Current)
2) In Good Faith 3) Without Notice |
|
Demand Instruments are void after...
|
An unreasonable amount of time
|
|
Time Instruments are void after...
|
A Specific Date
|
|
The Shelter Principle Entitles you to ...
|
All the rights of the HDC
|
|
Major & Real Defenses against an HDC
|
1) Minority
2) Fraud in the Execution 3) Discharge in Bankruptcy 4) Unauthorized Signature 5) Material Alteration |
|
Types of Franchises
|
1) Distributorship
2) Chain-Operations 3) Manufacturing |
|
Federal Laws for Franchises include...
|
Anti-Trust Laws
|
|
A Franchise Contract includes...
|
1) PMT for the Franchise
2) Business Premises 3) Location of the Franchise 4) Business Organization 5) Quality Control 6) Pricing Arrangements |
|
A franchisee pays...
|
1) Franchise Fee
2) Fee for Products bought from or through the Franchise 3) A % of Sales |
|
Essential Elements of a Partnership are
|
1) Sharing of Profits/Losses(Prima Facie) Losses follow Profit
2) Joint Ownership 3) Equal Management Rights |
|
Partnership in Common Law is
|
Not a Legal Entity its an Aggregate of Partners
|
|
According to the Uniform Partnership Act
|
Partnership is a Legal Entity for Some Purposes
|
|
Partnership is a Legal Entity for what purposes?
|
1) Capacity to be Sued & Sue
2) Judgments 3) Bankruptcy 4) Own & Convey Property |
|
What Partnerships must be in writing?
|
Transfers of Real Estate
Partnership for Over a Year |
|
Partners are...
|
Agents for each other and the Partnership
|
|
Incoming Partners are
|
Not Liable for Prior Debts of the Partnership
Limited to Capital Contributed |
|
Formation of an LLC requires...
|
Articles of Organization must be filed with the State. Business name must be Included and LLC Designation
|
|
An LLC is a Member..
|
of Every State of which its Members are Citizens
|
|
Corporate De Jure
|
Substantial Compliance
|
|
Corporate De Facto
|
Bona Fide & Good Faith Attempt
|
|
Corporation by Estoppel
|
Held out as a Corporation
|
|
You can Pierce the Corporate Veil
|
1) Corporation Under Capitalized
2) Alter Ego(Commingling of Assets) 3) Disregard Corporate Formalities (Failure to Hold Meetings) |
|
Common Stock Holders have Proportionate Interest to...
|
Control
Earnings Net Assets |
|
Rights of Directors
|
Participation
Inspection Compensation Indemnification |
|
Limited Partners in Management...
|
Assume Personal Liability for Partnership Debt
|
|
Adoption of Bylaws occurs...
|
At the First Organizational Meeting
|
|
Limited Liability Partnerships (LLP)
|
Partners avoid Liability for the wrong doing of others
|
|
Limited Liability Limited Partnerships (LLLP)
|
ALL Partners Liability is Limited to the Amount of their Investment in the firm
|
