Blaw 3391 Study guides, Class notes & Summaries

Sole Proprietorship - Answer-Simplest business form; owner is the business. Owner reports business income on personal income tax return and is legally responsible for all debts and obligations incurred by the business. 2/3 of all U.S. businesses are formed in this way. Sole Proprietorship Advantages - Answer-•Owner receives all profits; pays only personal taxes •Easy to create; less costly •Flexible decision making Sole Proprietorship Disadvantages - Answer-•Owner responsible for a...

sole proprietorship - business owned and operated by one person unlimited liability - legal exposure in which an owner of a business is personally liable for all of the debts and obligations of the business what is the most popular form of business organization in the US? - sole proprietorship sole proprietorship advantages - -easily established -no partners or shareholders -only pay taxes on income generated -all after tax profit stays with the owner -minimal government regulation sole...

Entrepreneur - Answer-One who initiates and assumes the financial risk of a new business enterprise and undertakes to provide or control its management Sole Proprietorship - Answer-The simplest form of business organization, in which the owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business. Sole Proprietorship in TX - Answer-You can establish without filing any legal documents. 1) choose a B...

What is real property? - Answer--Land and everything attached. -Law states land is owned to the center of the earth. What is a fixture? - Answer--Part of the land (ex. trees) How can real property become personal property? - Answer--Removal from land. -(ex. apple from a tree). How can personal property become real property? - Answer--Planted into land. -(ex. planted shrubbery or lumber used to erect building). Subterranean Rights - Answer--The right to extract minerals from the land. -Th...

Constitutional Law - 1st Source of law - Federal and State Constitutions Executive Order - Legally binding directive from the president - Ex in 1957 Eisenhower ordered federal troops to enforce the Supreme Court's ruling to desegregate the school system Treaty - Written Agreement between two or more countries Becomes Legally binding when they are approved by 2/3 of the Senate Statutory Law - 2nd Source of law - the field of law involving statutes, which are laws passed by congress or by s...

tangible personal property - Answer-personal property that can be moved contract - Answer-legally enforceable agreement that is created when two or more competent parties agree to perform, or to avoid performing, certain acts that they have a legal right to do and that meet certain legal requirements offer - Answer-a proposal made by one party (the offeror) to another person (the offeree) that indicates a willingness to enter into a contract offeror - Answer-the person making the proposal ...

Contract - Answer-"a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty." Covenant not to complete - Answer-restrict what an employee may do after leaving a company, and they often dictate where, when, and with whom an employee may work Four elements needed for a contract: - Answer-Agreement, the consideration, contractual capacity, and legal object Consideration - Answer-bargained-for exchange or wh...

BLAW 3391 TTU Exam 2 Questions And Answers (Verified And Updated) Sole Proprietorship - answerSimplest business form; owner is the business. Owner reports business income on personal income tax return and is legally responsible for all debts and obligations incurred by the business. 2/3 of all U.S. businesses are formed in this way. Sole Proprietorship Advantages - answer•Owner receives all profits; pays only personal taxes •Easy to create; less costly •Flexible decision making So...

BLAW 3391 Pleasant Exam 2 Questions With Verified Answers Entrepreneur - answerOne who initiates and assumes the financial risk of a new business enterprise and undertakes to provide or control its management Sole Proprietorship - answerThe simplest form of business organization, in which the owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business. Sole Proprietorship in TX - answerYou can est...