resolution wherein the parties hire someone to review the evidence and make a decision that is binding upon the parties is called A. arbitration B. settlement conference C. negotiation D. conciliation 3) A corporation is considered a citizen of what state? A. The state where the president of the corporation lives B. It is not a citizen because it is a business C. The state where the majority of the employees live D. The state where it filed its Articles of Incorporation 4) Which of the following
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DEFINITION A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, and you should check with your state if you are interested in starting a Limited Liability Company. Owners of an LLC are called members. Most states do not restrict ownership, and so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner
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penalties incurred from violating laws or regulations. An Attorney helps with: * Negotiating franchise agreements * Creating standard business forms, such as purchase orders and contract confirmations. * Buying or selling real property or a business. * Negotiating agreements to license intellectual property rights. * Obtaining new outside investors. Finding an Attorney (pg.838) When selecting an attorney, businesspersons would rely on referrals from friends, business associates
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obligations, its risks, the kind of workforce that is necessary, and how to implement this body of people for maximum effectiveness and profits. Acme Fireworks is no different. Acme Fireworks is a fireworks retailer and display company that has grown from humble beginnings in a garage to 15 employees in the last two years. It is a sole proprietorship. But the company is experiencing an increase in sales and interest. The company is also exploring the option of expanding into fireworks displays for venues
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I. What is a Non-Profit Organization? A. The basic definition of a non-profit organization is not established for the purpose of making a profit; not entered into for money: a non-profit organization (dictionary.com). In a society where everything costs, how can it be that an organization can exist that is not established for the purpose of making a profit? What is their purpose? By answering these questions, one will gain an understanding of what a non-profit organization is as well as the history
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by Richard Kahler, CFP®, CCIM, and Richard K. Colman, J.D. Executive Summary * It is important for financial planners to understand the basics of asset protection. Asset protection is a shield against unscrupulous lawsuits—not a way to hide from legitimate obligations. * The history of asset protection through the legal system, including trusts, corporations, and insurance, goes back to ancient times. * Recent U.S. and state statutes have significantly expanded options for asset protection
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The law, nature, sources and importance This discussion is going to focus on a number of issues. Firstly, an outline is going to be given on how the law affects business in a country. From there the importance of business law is going to be deliberated, followed by the nature and sources of law. Finally, a discussion is going to be made on how the law can be improved in a country. The law has many impacts on business. In this discussion the writer discusses three ways in which the law affects business
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the aforementioned purposes? a. By establishing confidence in the enforcement of laws b. Providing a certain degree of predictability as to what will happen if the laws are violated 4. If any society is to survive, its citizens must be able to determine What is legally right and wrong and be able to determine what sanctions may be imposed on them if they commit wrongful acts 5. Why should you care about the law? a. The law affects virtually ALL business transactions
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FUNDAMENTALS OF BUSINESS LAW & ETHICS INTRODUCTION TO CONTRACTS What is the definition of a contract? a promise that the law will enforce 4 Parts of a Contract Agreement: one party must make a valid offer, and the other party must accept it. Consideration: there has to be bargaining that leads to an exchange between the parties. Legality: the contract must be for a lawful purpose. Capacity: the parties must be adults of sound mind. Describe the various types of contracts. bilateral:
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Abstract: Upon acquisition of legal personality a company enjoys certain attributes such as limited liability. While the separate legal personality of a company enables it to enjoy rights and assume obligations quite different from its members, the limited liability of shareholders refers to the fact that the company alone is liable for its debts. However, such privilege of limited liability may not always exist when the legal personality of a company is abused and used for illegitimate or unlawful
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