business laws

Partnerships, sole proprietorships, and limited liability companies are all types of:

Business entities

Choose the BEST answer to explain the difference between an S-corporation and C-corporation.

A s-corporation allows shareholders to include profit and losses on their personal tax returns.

Being owned by shareholders and having a state charter are characteristics of which business entity?

Corporation

Which business entity offers limited liability?

Corporation

Which of the following is NOT an example of personal property?

Garage

How would real property become personal property?

If the real property became moveable goods, such as discovering oil under your land (real property), that you then took and sold in oil drums (personal property).

Which business entity does not offer limited liability?

Sole proprietorship

How do you know if something qualifies as personal property?

The item is moveable.

Several lawsuits were filed against General Motors as accidents and deaths were linked to the discovery that several of the company's automobiles had faulty ignition switches. This led to engines shutting off while individuals were driving, airbags not inflating, and power steering and brakes being disabled. Which of the following types of claims is this an example of?

Tort

Which business entity is managed for the benefit of beneficiaries?

bussnes trust

Which of the following is NOT an example of real property?

Couch

Business law includes all of the following areas of law EXCEPT:

Criminal.

Businesses that sell items need to be familiar with the provisions of:

The Uniform Commercial Code (UCC)

A contractor is hired by a homeowner to install a pond in her backyard. Once the project is completed, the homeowner discovers the contractor chose to use a thin plastic liner in place of the agreed upon pond liner. The thin liner will not withstand the extreme conditions of an outside pond in her geographic area and thus, it will not last as long as expected. This is an example of _____.

breach of contract

Real property includes all items that would normally remain in place when an owner of real property moves. These items are known as _____.

fixtures