BLAW Forms of Business Ownership

Question 1

The name of the agency that regulates corporations that sell stocks to the general public is

Accepted Answer

SEC

Question 2

The right to cast another shareholder's vote is known as

Accepted Answer

proxy

Question 3

A _ corporation does not exist in law but does exist in fact.

Accepted Answer

de facto

Question 4

A private company that furnishes an essential public service.

Accepted Answer

public service corporation

Question 5

The percentage of the profits a sole proprietor keeps is

Accepted Answer

100

Question 6

Which one is a disadvantage of a partnership?

Accepted Answer

unlimited liability

Question 7

Directors/officers who have info about a publicly traded corp. that's not avail. to the public

Accepted Answer

insiders

Question 8

The most common type of corporation is a

Accepted Answer

C Corporation

Question 9

A limited partner

Accepted Answer

is a silent partner

Question 10

A ______________is a legal entity created under State law, separate from its owners.

Accepted Answer

corporation

Question 11

The length of time a sole proprietorship can exist is

Accepted Answer

as long as its owner

Question 12

A _______________ is a legally binding agreement made by the partners of a business.

Accepted Answer

partnership agreement

Question 13

Identify 2 of the elements a partnership agreement should cover.

Accepted Answer

length of agreement, name of business

Question 14

A legally formed corporation

Accepted Answer

de jure

Question 15

Which corporation does not pay federal or State taxes?

Accepted Answer

Non-profit corporation

Question 16

Which corporation runs like a C corp. , but does not sell stock to the public?

Accepted Answer

Private Corporation

Question 17

The person who files the paperwork for a business to become incorporated is

Accepted Answer

Incorporator

Question 18

The term used to describe taxation of corporate profits and dividends is

Accepted Answer

Double Taxation

Question 19

Selected by common stockholders to oversee operations of a corporation

Accepted Answer

Board of Directors

Question 20

The term used when referring to ownership of a business is

Accepted Answer

proprietorship

Question 21

_________________ is a tax advantage a sole proprietor can take advantage of.

Accepted Answer

Writing off business expenses

Questions 21