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Exam 18: Legal Issues: Recognizing Your Small Business Needs

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Question 51

Multiple Choice

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Which of the following is true of a limited liability company (LLC) ?

A) It is not always subject to double taxation.
B) It is relatively difficult to set up and tough to maintain once started.
C) It does not have the option of single taxation.
D) It cannot have more than one owner.

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Question 52

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The dissolution of a corporate form,making it back into a sole proprietorship or general partnership,if the court finds that the owner carelessly mixed up personal and business assets or finances is known as:

A) piercing the veil.
B) adverse possession.
C) nonfeasance.
D) easement.

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Question 53

Multiple Choice

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Someone who uses intellectual property without the permission of the owner is referred to as a(n) :

Which of the following is a formal dispute resolution method that operates using the court system,typically with a lawyer representing each party?

Which of the following forms of business requires no government permission to set up?

_____ are an important source of information for start-ups.They compile legal information for their members,including laws particularly applicable to certain types of businesses in various jurisdictions and proposals for changing the laws that affect an industry.

Exclusive rights given to the creator of a literary or artistic work to make use of that work is called a:

There are two basic categories of information available to small business owners: legal and commercial.

Brendon wants to sue Fitness Ace,a leading provider of fitness equipments,for negligence.He approaches Arthur Bailey Group,a law firm,which has good experience in handling product liability claims for victims of exercise equipment failure.Which of the following would be true if the attorney charges Brendon in the form of flat fees?

A(n) _____ refers to a part of a contract in which a party to the contract states that he or she will not be responsible for certain actions.

Which among the following steps in a negotiation process is considered to be the most difficult?

Which of the following forms of business faces double taxation?

Which of the following is true regarding a small-claims court?

A(n) _____ refers to a contract among LLC members outlining how the LLC will conduct itself.

In a C corporation and S corporation,the IRS expects the owner to pay himself or herself a salary that is roughly at market rates.

_____ is a dispute resolution process held instead of court cases in which both sides present their case to a legal professional.

Small-claims courts work only when a person or firms are owed money that can be proved and have exhausted other procedures like calls and letters to the customer.

A trade secret is not created by the government.

Which of the following forms of business is the easiest to set up?

A person or other entity filing a lawsuit is known as _____.