Law2276 Business and The Law Final Exam 11. A(n)- share the profits and losses.
ID: 2440607 • Letter: L
Question
Law2276 Business and The Law Final Exam 11. A(n)- share the profits and losses. Name Date is created when two or more persons agree to place their money, labor, or skills in a business and to a. sole proprietorship b. general partnership c. S partnership d. C corporation 1 2.is the simplest and most prevalent form of business enterprise in the U.S. a. S corporation b. Partnership c. Sole proprietorship d. Joint venture board. 13. When directors on a board serve for a fixed term but are not elected all at once it is known as a(n) a. cumulative b. staggered c. proxy d. inside 14. A member of the board who also serves as an officer is a(n)d director. a. inside b. interested c. outside d. employedExplanation / Answer
11. Option B.
12. Option C
Sole proprietorship is the most simplest and not common form of business that is operating in US today.
It refers to a single person who owns his own business and is also responsible for the profits, losses and his debts.
13. Option B.
The Board of directors refers to the shareholders in a company or an organization.
A staggered board is made up of directors who are elected at different times of the year.
Their main purpose is to prevent hostile bidders from taking over the business.
14. Option A.
An inside director who is a member of the board of directors also plays the role of a corporate officer for corporations management.
Unlike the outside directors who do not hold any position in the corporation, the inside directors hold a management position in the corporation.
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