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The Business Environment and Concepts module, which contains questions and answers regarding business
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The flashcards related to business structures will cover these
topics:
- Agency
- Requirements for written agency agreement, different types of
principals, different types of agents, types of agent authority,
responsibilities of agent to principal, responsibilities of principal
to agent, principal's liabilities to third parties, agent's liabilities
to third parties, requirements to prove ratification, liabilities
in relation to torts, del credere agent, employees vs. independent
contractors, means of establishing an agency, authorization vs.
ratification liability, agency termination by operation of law,
agency termination by party to agency agreement, agency coupled
with an interest, general vs. special agent.
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- Partnerships
- Partner's rites, partner's duties, partner's actions, requirements
for unanimous approval, factors in assignment of partnership interest,
partnership property vs. partnership interest, different levels
of partnership interest, dissolution of a partnership, priority
of proceed recipients, partner's liability for debts of partnership,
dissolution's affect on partner's authorities and liabilities,
dissolution notice to third parties, liabilities of retired partners,
joint venture vs. partnership, limited partnerships, formation
and dissolution of limited partnerships.
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- Corporations
- Basic rights and powers, advantages and disadvantages of corporations,
potential liabilities of corporations, different types of corporations,
stockholders' rights and liabilities, piercing the corporate veil,
director's responsibilities and liabilities, director's duties
and powers, promoters relationship and responsibilities to corporation,
preincorporation agreements, promotor's liability, capital, types
of stock, termination of a corporation, ultra vires act, corporation
De Jure, corporation by estoppel, DeFacto corporation, articles
of incorporation, business combinations, consolidation vs. merger.
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- Estates and Trusts
- Elements to create a trust, events to terminate a trust, different
types of trusts, trust principle, trust profits, trustee's responsibilities,
executor, administrator, testator, method of estate taxation,
probate vs. contest of will, validation of a will, testate vs.
intestate, allocation of annuities between principle and income.
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