FIN 3054 Study Guide - Midterm Guide: Sole Proprietorship, General Partnership, Lie Detection

• School: Virginia Tech
• Department: Finance, Insurance, Business Law
• Course: FIN 3054
• Professor: J B Malone

Document Summary

Independent contractors do not open up for liability . Fcpa applies to all us initiates and international. Sole proprietorship: not taxed as a business entity. (pass through taxation), no difference from you and the company when dealing with liability. Can not sell off parts only sell as a whole. Corps: double taxation, only corps get to use iso, tax benefits- corp officer may be paid with stock. The corp is taxed iso by long term gains. Corp officers managers, board members (elect corp officers, and set the day to day operations, look for short term gain, make sure that the company has insurance policy in case sued. ), shareholders (elect the board and vote on fundamental business changes. Creation- pick a state to be domicile in. Organizing meeting to discuss by laws and members place. By laws - how the corp is going to function. Easy to make except for the contract agreements.