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VIRGINIA COMMONWEALTH UNIVERSITY / Business Law / BLAW 323 / What is the definition of beneficiaries?

What is the definition of beneficiaries?

What is the definition of beneficiaries?

Description

School: Virginia Commonwealth University
Department: Business Law
Course: Legal Environment of Business
Professor: Kenneth hardt
Term: Fall 2016
Tags:
Cost: 50
Name: Exam 3 Study Guide
Description: This study guide covers Chapters 35, 36, 37, 38 , 39, 42 and 43 for the BUSN 323 exam.
Uploaded: 04/03/2018
13 Pages 62 Views 6 Unlocks
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Study Guide


What is the definition of beneficiaries?



Tuesday, April 3, 2018 10:04 AM

Chapter 35:  

Beneficiaries- (1) A person who can expect to benefit from a relationship. (2) A person  who receives, or will receive, the proceeds from an insurance policy or a will. Business Trust- A business organization governed by a group of trustees who operate  the trust for beneficiaries

Chain-Style Business Operation- A type of franchise in which the franchise operates  under the franchisor’s business name and is required to follow the franchisor’s  standards and methods of business operation.

Cooperative- An organization formed by individuals to market new products.  Individuals in a cooperative pool their resources together to gain an advantage in the  market.


What is the definition of business trust?



Corporation- A legal entity formed by issuing stock to investors, who are the owners  of the corporation.

Distributorships- A type of franchise in which the franchisor manufactures a product  and licenses a dealer to sell the product in an exclusive territory.

Franchise- A business arrangement between an owner of a trade name or trademark  and a person who sells goods or services under the trade name or trademark. Franchise Agreement- A contract whereby a company (the franchisor) grants  permission (a license) to another entity (the franchisee) to use the franchisor’s name,  trademark, or copyright in the operation of a business and associated sale of goods in  return for payment. If you want to learn more check out What is the definition of catatonia?

Franchisee- The seller of goods or services under a trade name or trademark in a  franchise.


What is the definition of chain-style business operation?



Don't forget about the age old question of Are we attracted to similar personalities?

Franchisor- The owner of the trade name or trademark in a franchise. General Partnership- A partnership in which the partners divide profits and  management responsibility and share unlimited personal liability for the partnership’s  debts.

Joint Stock Company- A partnership agreement in which company members hold  transferable shares while all the goods of the company are held in the names of the  partners. We also discuss several other topics like Describe the transesterification process?

Joint Venture- An association between two or more parties wherein the parties share  profits and management responsibilities with respect to a specific project. Limited Liability Company (LLC)- An unincorporated business that is taxed like a  partnership, with the members paying personal income taxes, but has the limited  

                 partners.

Joint Venture- An association between two or more parties wherein the parties share  profits and management responsibilities with respect to a specific project. Limited Liability Company (LLC)- An unincorporated business that is taxed like a  partnership, with the members paying personal income taxes, but has the limited  liability of a corporation. We also discuss several other topics like What happened to crassus?

Limited Liability Partnership (LLP)- A partnership in which all the partners assume  liability for any partner’s professional malpractice to the extent of the partnership’s  assets.

Limited Partnership (LP)- A partnership consisting of at least one general partner and  at least one limited partner in which the general partners assume all liability for the  partnerships’s debts and the limited partners assume no responsibility beyond their  originally invested capital.

Manufacturing Arrangement- A type of franchise in which the franchisor provides the  franchisee with a formula or ingredient that is necessary to manufacture a product. Members- Owners of a limited liability company.

Partnership- A voluntary association between two or more people who co-own a  business for profit.

S Corporation- A corporation that enjoys the tax status of a partnership. Shareholders- An investor who holds stock in a corporation, and thus is an owner of  the corporation.

Sole Proprietor- The single person at the head of a sole proprietorship. Sole Proprietorship- A business in which one person (sole proprietor) controls the  management and profits. We also discuss several other topics like How is the citric acid cycle connected to glycolysis?

Syndicate- An investment group that comes together for the explicit purpose of  financing a specific large project.

Trustees- (1) In a bankruptcy proceeding, an individual who takes over administration  of a debtor’s estate. (2) A person who operates a business trust for beneficiaries.

1. Which of the following is a specialized form of business organization? a. Amalgamated venture

b. Unlimited partnership

c. Business trust 

d. Corporate partnership

2. Which of the following specialized forms of business organizations is defined as  an organization formed by individuals who pool resources to gain a market  advantage?

a. Joint stock company

b. Syndicate

c. Business trust

d. Cooperative 

3. Which specialized form if business organization is defined as a partnership  agreement in which company members hold transferable shares, while all the

b. Syndicate

c. Business trust

d. Cooperative We also discuss several other topics like What month do you breed a mare?

3. Which specialized form if business organization is defined as a partnership  agreement in which company members hold transferable shares, while all the  goods of the company are held in the names of the partners?

a. Syndicate

b. Cooperative

c. Joint stock company 

d. Business trust

4. Which specialized form of business organization is governed by a group of  trustees who operate the organization for the beneficiaries?

a. Business trust 

b. Joint stock company

c. Syndicate

d. Joint venture  

5. Which specialized form of business organization is an investment group that  comes together for the explicit purpose of financing a specific large project? a. Joint stock company

b. Cooperative

c. Business trust

d. Syndicate  

Chapter 36:

Accounting- A review and listing of all partnership assets and/or profit. Articles of Partnership- The written agreement that creates a partnership. Charging Order- An order that entitles a creditor to collect a partner’s profits. Joint and Several Liability- A type of liability in which a third party can choose to sue  the partners separately or to sue all partners jointly in one action. Jointly Liable- A term applied to partners who share liability for the partnership’s  debts.

Partnership- A voluntary association between two or more people who co-own a  business for profit.

Right of Survivorship- The right that specific partnership property will pass on to the  surviving partner(s).

1. According to the Uniform Partnership Act, a partnership is a(n) ______ of two or  more persons to carry on as ______ in a business for profit.

a. Incorporation; employees

b. Association; co-owners 

c. Incorporation; co-owners

d. Association; employees

2. A written agreement that creates a partnership is called the _______ of  partnership

a. Incorporation; employees

b. Association; co-owners 

c. Incorporation; co-owners

d. Association; employees

2. A written agreement that creates a partnership is called the _______ of  partnership  

Articles  

3. Each partner has the right to receive full information regarding partnership  matters. This right corresponds to the partners' _____ duty to disclose any  information affecting the partnership.

a. Fallacious

b. Fabricated

c. Functional

d. Fiduciary  

4. The articles of partnership agreement typically states the division of ______ as  well as _______.

Profits; losses 

5. Which of the following refers to a review and listing of all partnership assets  and/or profits?

a. Attribution

b. Inquisition

c. Accounting 

d. Introspection  

Chapter 37:

Certificate of Limited Partnership: A document signed on the formation of a limited  partnership and filed with the secretary of state.

Dissolution: The change in the relation of partners caused by any partner’s ceasing to  be associated with the carrying on of the partnership’s business.

Limited Partnership: A partnership consisting of at least one general partner and at  least one limited partner in which the general partners assume all liability for the  partnerships’s debts and the limited partners assume no responsibility beyond their  originally invested capital.

Rightfully Dissolved: A term applied to the dissolution of a partnership in a way that  does not violate the partnership agreement.

Winding-up: The process of completing unfinished partnership business. Wrongful Dissolution: A partnership dissolution that violates the partnership  agreement.

1. An additional advantage of the LLC is the

a. Inability of the partners to manage the physical assets of the company b. Flexibility it offers members in terms of alternative ways to structure its

          agreement.

1. An additional advantage of the LLC is the

a. Inability of the partners to manage the physical assets of the company b. Flexibility it offers members in terms of alternative ways to structure its  management 

c. Limited liability of the general partner, which is not the case in a limited  partnership

d. Ease of formation of the partnership, since it requires no formalities and  only two of the partners must have personal liability  

2. When the dissolution of the partnership does not violate the ______ ______,  we say that the partnership is rightfully dissolved.

Partnership agreement 

3. According to RULPA, a limited partnership can be dissolved for any of the  following reasons.

a. The expiration of the term established in the certificate of limited  partnership 

b. The withdrawal of any of the limited partners

c. The completion of the objective established in the certificate d. An act of the court 

e. The consent of any one partner for dissolution  

4. The law that oversees the dissolution of a limited partnership is a. UPA

b. RUPA

c. RULPA 

d. SEC

5. The activities that are part of the winding-up process are:

a. Taking inventory 

b. The activity of giving notice of the dissolution

c. Collecting and paying debts 

d. The activity of completing unfinished partnership business 

e. Collecting partnership assets 

Chapter 38:

Alien corporation: A business that is incorporated in a foreign country. Articles of Incorporation: A document that contains basic information about a  corporation and is filed with the state.

Bylaws: Rules and regulations that govern a corporation’s internal management. Certificate of Incorporation: A document certifying that a corporation is incorporated  in the state and is authorized to conduct business.

Closely held corporations: A corporation that does not sell stock to the general public Common stock: Corporate stock that does not convey any preference to its holders. Cororation b estoel: A defective cororation that has conducted business with a

Bylaws: Rules and regulations that govern a corporation’s internal management. Certificate of Incorporation: A document certifying that a corporation is incorporated  in the state and is authorized to conduct business.

Closely held corporations: A corporation that does not sell stock to the general public Common stock: Corporate stock that does not convey any preference to its holders. Corporation by estoppel: A defective corporation that has conducted business with a  third party and therefore cannot deny its status as a corporation to escape liability. De facto corporation: Latin for “corporation in fact”; a corporation that has not  substantially met the requirements of the state incorporation statutes. De jure corporation: Latin for “lawful corporation”; a corporation that has met the  mandatory statutory provisions and thus received its certificate of incorporation. Dividends: A distribution of corporate profits or income that is ordered by the  directors and paid to the shareholders.

Domestic corporation: A corporation located in the state in which it is incorporated. Equity securities: A security that represents ownership in a corporation. For-profit corporations: A corporation whose objective is to make a profit. Foreign corporation: A corporation that conducts business in a state in which it is not  incorporated.

Incorporator: An individual who applies for incorporation on behalf of a corporation. Nonprofit corporations: A corporation that operates for educational, charitable,  social, religious, civic, or humanitarian purposes, rather than to earn a profit. Novation: In a contract, the substitution of a third party for one of the original parties.  The duties remain the same under the contract, but one original party is discharged  and the third party takes that original party’s place.

Preferred stock: Stock that conveys preferences to its holder with respect to assets  and dividends.

Private corporations: A corporation that is created by private persons and does not  have government duties.

Promoters: A person who begins the corporate creation and organization process. Public corporation: A corporation that is created by government to help administer  law.

Publicly held corporations: A corporation whose stock is available to the public. Retained earnings: Profits that a corporation keeps.

S corporations: A corporation that enjoys the tax status of a partnership. Subscribers: An investor who agrees to purchase stock in a new corporation. Subscription agreements: An agreement between promoters (persons raising capital  for a new corporation) and subscribers (investors) in which the subscribers agree to  purchase stock in the new corporation.

1. Shareholders may profit from investing in a public corporation in which of the  following ways?

a. The government could send rebates based on the number of shares that  an individual owns

b. Shareholders an receive personal bonuses for the help they provide

1. Shareholders may profit from investing in a public corporation in which of the  following ways?

a. The government could send rebates based on the number of shares that  an individual owns

b. Shareholders an receive personal bonuses for the help they provide c. The value of the stock could rise, allowing the shareholders to make  money by selling their shares in the corporation 

d. Shareholders may receive dividends from the corporation  

2. Where are Articles of Incorporation filed?

a. Library of congress

b. State entity, typically the secretary of state's office 

c. United Nations, typically with the office of International Commerce d. Federal Department of Commerce

3. Illegal behavior by _______ shareholders will cause those individuals to  potentially be personally liable for the actions of the corporation. Corporate 

4. The Articles of Incorporation provide basic information about the ________. Corporation 

5. If corporate officers withdraw or die, the corporation dissolves. a. True

b. False  

Chapter 39:

No-par shares- A stock share that does not have a par value.

Par-value shares- A stock share that has a fixed face value noted on the stock  certificate.

Proxy- A writing signed by a shareholder that authorizes the individual named in the  writing to exercise the shareholder’s votes (corresponding to his or her shares of  stock) at a shareholders’ meeting.

Right of First Refusal- A method of restricting stock transferability whereby a  corporation or its shareholders have the right to purchase any shares of stock offered  for resale by a shareholder within a specified time frame.

Self-dealing- Any instance in which directors or officers make decisions that violate  their corporate duty of loyalty.

Shareholder's derivative suit- A lawsuit filed by a shareholder on behalf of the  corporation.

Stock certificates- A document that serves as a stockholder’s proof of ownership in a  corporation.

Stock warrants- A type of security issued by a corporation (usually together with a  bond or preferred stock) that gives the holder the right to purchase a certain amount  of common stock at a stated price.

Watered stock- Stock that is issued to individuals below its fair market value.

               corporation.

Stock warrants- A type of security issued by a corporation (usually together with a  bond or preferred stock) that gives the holder the right to purchase a certain amount  of common stock at a stated price.

Watered stock- Stock that is issued to individuals below its fair market value.

1. Corporate ________ are executive managers whom the board of directors hires  to run the day-to-day business of the corporation.

Officers 

2. Under the business judgment rule, directors and officers will not be held liable  for their actions as long as they acted in

a. The interest of the incorporators

b. Good faith 

c. The confines of the law

d. The interest of maximum profit

3. What are the major groups of individuals within a corporation? a. Officers 

b. Directors 

c. Senators

d. Shareholders  

4. A director of a corporation has a right to ________ or the right to be reimbursed  for any lawsuit against him or her.

Indemnification  

5. What is the term for an authorization that allows a third party to attend and  vote in the place of a shareholder?

a. Incorporation

b. Organizing

c. Affiliation

d. Proxy  

Chapter 42:

Boycott- A refusal to deal with, purchase goods from, or work for a business. Collective Bargaining- The process whereby workers organize collectively and bargain  with employers regarding the conditions of employment.

Consolidated Omnibus Budget Reconciliation Act- Federal law which ensures that  when employees lose their jobs or have their hours reduced to a level at which they  would not be eligible to receive medical, dental, or optical benefits from their  employer, the employees will be able to continue receiving benefits under the  employer’s policy for up to 18 months by paying the premiums for the policy. Electronic Communications Privacy Act of 1986-Federal law that sets minimum  standards for most voluntarily established pension and health plans in private industry  to provide protection for individuals in these plans.

Employee Retirement Income Security Act- Federal law that sets minimum standards

employer, the employees will be able to continue receiving benefits under the  employer’s policy for up to 18 months by paying the premiums for the policy. Electronic Communications Privacy Act of 1986-Federal law that sets minimum  standards for most voluntarily established pension and health plans in private industry  to provide protection for individuals in these plans.

Employee Retirement Income Security Act- Federal law that sets minimum standards  for most voluntarily established pension and health plans in private industry to  provide protection for individuals in these plans.

Employment-at-will Doctrine- The doctrine which provides that either the employer  or the employee can terminate the employment relationship at any time. Fair Labor Standards Act- Federal law which requires that a minimum wage of a  specified amount be paid to all employees in covered industries; also mandates that  employees who work more than 40 hours in a week be paid no less than 1½ times  their regular wage for all hours beyond 40 worked in a given week. Family and Medical Leave Act- Federal act requiring that employers provide all  eligible employees with up to 12 weeks of leave during any 12-month period for  several family related occurrences (e.g., birth of a child, care of a sick spouse). Federal Unemployment Tax Act- Federal law passed in 1935 that created a state  system to provide unemployment compensation to qualified employees who lose  their jobs.

Immigration Reform and Control Act- The Immigration Reform and Control Act was  passed in order to control and deter illegal immigration to the United States. Its major  provisions stipulate legalization of undocumented aliens who had been continuously  unlawfully present since 1982, legalization of certain agricultural workers, sanctions  for employers who knowingly hire undocumented workers, and increased  enforcement at U.S. borders.

Implied Covenant of Good Faith and Fair Dealing Exception- An exception to the  employment at-will doctrine that imposes a duty on the employer to treat employees  fairly with respect to termination.

Informational Picketing- Picketing designed to truthfully inform the public of a labor  dispute between an employer and the employees.

Landrum-Griffin Act- Federal law that primarily governs the internal operations of  labor unions. It requires financial disclosures by unions, establishes penalties for  financial abuses by union officials, and includes “Labor’s Bill of Rights” to protect  employees from their own unions.

National Labor Relations Act- Federal labor legislation consisting of the Wagner and  Taft-Hartley acts.

National Labor Relations Board- An administrative agency created by the Wagner Act  to interpret and enforce the National Labor Relations Act (NLRA).

Occupational Safety and Health Act- Federal law that established the Occupational  Safety and Health Administration, the agency responsible for setting safety standards  under the act and for enforcing the act through inspections and the levying of fines  against violators.

Omnibus Crime Control and Safe Streets Act of 1968- Federal statute that prohibits

         .

Occupational Safety and Health Act- Federal law that established the Occupational  Safety and Health Administration, the agency responsible for setting safety standards  under the act and for enforcing the act through inspections and the levying of fines  against violators.

Omnibus Crime Control and Safe Streets Act of 1968- Federal statute that prohibits  employers from listening to the private telephone conversations of employees or  disclosing the contents of these conversations. Employers may ban personal calls and  monitor calls for compliance as long as they discontinue listening to any conversation  once they determine it is personal.

Picketing- A labor activity in which individuals place themselves outside an employer’s  place of business for the purpose of informing passersby of the facts of a labor  dispute.

Primary boycotts- A boycott against an employer with whom the union is directly  engaged in a labor dispute.

Public policy exception- An exception to the employment-at-will doctrine that  prohibits employers from firing employees for doing something that is consistent with  furthering public policy.

Reasonable exception of privacy- Under the ECPA, the protection afforded to  individuals’ communications against unauthorized surveillance or access; applies only  minimally to communications via an employer’s equipment.

Secondary boycotts- An illegal labor action in which unionized employees who have a  labor dispute with their employer boycott another company to force it to cease doing  business with their employer.

Signal picketing- An unprotected form of picketing in which services and/or deliveries  to the employer are cut off.

Strike- A temporary, concerted withdrawal of labor.

Taft-Hartley Act- Federal legislation designed to curtail some of the powers that  unions had acquired under the Wagner Act; designates certain union actions as unfair.  Also called Labor-Management Relations Act.

Unemployment compensation- The state system, created by the Federal  Unemployment Tax Act, that provides unemployment compensation to qualified  employees who lose their jobs.

Wagner Act- The first major piece of federal legislation adopted explicitly to  encourage the formation of labor unions and provide for collective bargaining  between employers and unions as a means of obtaining the peaceful settlement of  labor disputes.

Workers' compensation laws- A state law that provides for financial compensation to  employees or their dependents when the covered employee is injured on the job.

1. The ______ interpret(s) and enforce(s) the National Labor Relations Act. a. National Labor Relations Board 

b. National Labor Relations Commission

c. U.S. Congress

1. The ______ interpret(s) and enforce(s) the National Labor Relations Act. a. National Labor Relations Board 

b. National Labor Relations Commission

c. U.S. Congress

d. Courts  

2. An employee that is an executive is barred from a right to ______ under the  FLSA, since that group of employees are in an excluded group.

Overtime 

3. Under the employment-at-will doctrine, which parties can terminate the  employment agreement?

a. The employee 

b. OSHA

c. The state

d. The employer  

4. In what year did the Family and Medical Leave Act (FMLA) go into affect? a. 2010

b. 1993 

c. 1952

d. 2001

5. The public policy exception prohibits _______ from firing employees engaged in  activities that further the public interest.

Employers  

Chapter 43:

Age Discrimination in Employment Act of 1967- Federal law that prohibits employers  from refusing to hire, discharging, or discriminating in terms and conditions of  employment on the basis of an employee’s or applicant’s being age 40 or older. Americans with Disabilities Act- Federal law that prohibits discrimination against  employees and job applicants with disabilities.

Civil Rights Act- Federal law (as amended by the Civil Rights Act of 1991) that protects  employees against discrimination based on race, color, religion, national origin, and  sex; also prohibits harassment based on the same protected categories. Disparate Impact- A form of discrimination that arises when an employer’s policy or  practice appears to apply to everyone equally but its actual effect is that it  disproportionately limits employment opportunities for a protected class. Disparate Treatment- A form of intentional discrimination in which an employee is  hired, fired, denied a promotion, or the like, on the basis of membership in a  protected class.

Equal Pay Act of 1963- Federal law that prohibits an employer from paying workers of  one gender less than the wages paid to employees of the opposite gender for work  that requires equal skill, effort, and responsibility.

Pregnancy Discrimination Act of 1987- Federal law that amended Title VII of the Civil

hired, fired, denied a promotion, or the like, on the basis of membership in a  protected class.

Equal Pay Act of 1963- Federal law that prohibits an employer from paying workers of  one gender less than the wages paid to employees of the opposite gender for work  that requires equal skill, effort, and responsibility.

Pregnancy Discrimination Act of 1987- Federal law that amended Title VII of the Civil  Rights Act of 1964 by expanding the definition of sex discrimination to include  discrimination based on pregnancy.

Sexual Harassment- Unwelcome sexual advances, requests for sexual favors, and  other verbal or physical conduct of a sexual nature that makes submission a condition  of employment or a factor in employment decisions or that creates an intimidating,  hostile, or offensive work environment. The two types are hostile environment and  quid pro quo.

1. A(n) ______-_______ employee can terminate the employment relationship at  any time for any reason.

At-will 

2. What is the federal law that makes it illegal to pay one gender more than  another gender if both are working in similar positions?

a. EPA 

b. ADEA

c. ADA

d. COBRA

3. What are the steps to proving a Title VII disparate treatment lawsuit? a. The defendant must articulate a business reason for the discrimination b. The employee must prove a prima facie case of discrimination c. The employee must show that the reason given by defendant is nothing  but a pretext 

d. The shareholders of a corporation must be notified and the employee  must address the issue with the board of directors  

4. What federal law makes it illegal to discriminate against an employee based on  a disability?

a. ADA 

b. FLSA

c. COBRA

d. ADEA

5. Title _____ of the Civil Rights Act prohibits discrimination in hiring, firing or in  any actions in an employment setting.

VII

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