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Exam Study guide

by: mkeller

Exam Study guide ESHP 3240

GPA 2.0
Professor Rodgers

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Professor Rodgers
Study Guide
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Popular in Entrepreneurship

This 3 page Study Guide was uploaded by mkeller on Wednesday September 23, 2015. The Study Guide belongs to ESHP 3240 at Bowling Green State University taught by Professor Rodgers in Summer 2015. Since its upload, it has received 100 views. For similar materials see THE PRE-LAUNCH in Entrepreneurship at Bowling Green State University.

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Date Created: 09/23/15
Do owners of a small business pay their taxes on monthly bases False they pay them on a quarterly bases Limited partners always participate it at management decisions of a partnership False Blue sky law limit the regulation of stock being sold in public True A limited liability company may have more than 100 members True In an LLC income and loss of an operations may be allocated disproportionally among the members True An operating agreement defines the relationship defines the relations of a member for an LLC True LLC may not compensate an employee by not paying the employee with an ownership interest in the LLC True Members of an LLC are not required to have identical voting rights on cooperate matters True Some Ohio businesses are not required to pay CAT tax True All Ohio businesses are required to collect sales tax True An employee who resigns is not required to receive unemployment compensation True Nonprofit corporation owners are called shared holder False Describe the difference between real property and personal property Real property is the dirt and anything attached to it Personal property is anything that can fall off the dirt if turned upside down Explain how progressive income tax works As your earning more you have to pay a higher of tax you pay the of taxes in which bracket you fall into Are owners of an s corps share holders or members Shareholders Which one of these 2 legal entities exposes the owner s personal assets General partnership What does it mean to require a super majority in a vote Over 51 Describe the difference between a lender of a corps and an investor of a corps Investor the invest to be a owner expects to have some type of money come back to them based off profit Lender is like a bank and will lend you money but then you pay back interest Describe what it means to have a closely held corps A limited number of shareholders and does not offer stock to the public Which one of the following officers is not required to be appointed when establishing an Ohio escort Vice President How many members may an LLC have Unlimited Why are zoning laws important to a business They impact the type of business that can be ran in an area A vendor s license refers to what type of tax Any place that vends from a fixed location WalMart target What is a transit license use for Company that moves food trucks What are workers comp Who runs it What is it for To make up for an accident The state runs it Ran so employees will not sue their employer The selection of a legal structure of a business is formed based off of what 3 considerations Tax law Personal liability Type of business Explain the tax disadvantage of being a c corps Double taxation Are the owners of a limited liability called shareholders or members Members If no partnership exists explain how the expenses are divide Evenly Why should owners of a corps never comingle personal assets with company assets Bc if they get in tax trouble the IRS could say that they have been abusing the company money Who selects the board of directors for an s corps Shareholder Who selects the officers of an s corps Board of directors What does it mean when a closely held corps has a capital call All the investors have to offer up more money to run the business What are the 3 main criteria used by the IRS to determine weather someone is in a contract or an employee Behavior control Financial control And relationship The term EIN means Employee identification number


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