Business Law

Questions & Answers

7. John-Boy decides to expand the business and purchase a publishing company. Johnny Cochran recommends he issues______ that the number of shareholders are limited, but John-Boy doesn’t want to incur more


6. Unfortunately, because Walkmart, Inc. is a,_______- profits will be taxed twice: once to the corporation and then again when distributed to shareholders.


As President, John-Boy is an_______-with ________and________ to enter into contacts


John -boy sells _______ to his siblings jason mary ellen,erin,benjamin jim bob and elizabeth so that they can vote and ____ to his parents (john sr .and olivia ) will be the first in line to recieve .


8. Larry, Moe, and Curly start a partnership they call Three Stooges. Each invests $35,000. Their investment is called 9. Shemp sues the Three Stooges, claiming that he is a partner too because he manages the business and gets profit as part of his compensation. The Three Stooges correctly claim he is not a partner because he does not share the businesses 10. The owners of the Three Stooges are happy because the business makes a lot of money. Each month they take home their 11. Because the partners, and not the business, pays taxes on the money they earn, the partnership is considered a _______-tax entity. 12. Partners have______and _____authority to conduct business to further the partnership business.and 13. When Larry, Moe, and Curly start arguing about how to run the business, Shemp suggests they create a 14. Moe believes that all of their problems can be solved by following the_______ management rights.which gives them equal 15. Shemp, believing he has been treated unfairly, sues The Three Stooges and Larry, Moe, and Curly. Shemp knows that all four defendants are liable and that he when he wins his lawsuit, he can collect from any one of the defendants.This is known as 16. Angry about losing the lawsuit, Larry decides to leave the partnership and wants Moe and Curly to_______his share of the business. 17. Moe and Curly decide to call it quits and terminate the business. First they must _______ all their business,then______their assests and finally pay their____


12. John-Boy defends himself by claiming he made a rational,informed decision and is therefore protected by the


2. Although he'll lose some control, John-boy understands he must sell ------and let other people own part of the business. Still, if he retains the_______-ofstock, he'll keep control.


4. Johnny Cochran, John-Boy's lawyer, drafts the corporate_________establishing the structure of the business.


13. Erin sues John-Boy on behalf of the corporation in a____lawsuit, alleging he acted


3. One great thing about the new corporation, Walkmart, inc john boy thinks ,is that it will be his legacy because it will have -------existence


8. Because there was a___at the____the shareholders formally voted that Johnny Cochran would sit on the Board of Directors with John-Boy, John Sr. and Olivia.


11. John-Boy incorporates the publishing house using Walmart money and its employees to help with the legwork. When Erin finds out, she accuses him of violating his________


at their ______the board appoints john boy president they also decide not to declare a dividend because there are not enough


18. Marty and Wendy Byrde establish a limited liability company which will own their casino. Marty and Wendy are____________ 9. The state of Missouri, where the casino will be located,requires Marty and Wendy to file_______- ). Marty does not want his bankers to know where he lives,so Wendy agrees to be the ________and accept any legal complaints the LLc recieves 21. After talking to her friend Shemp, Wendy believes they need an _________,but marty thinks moe is right and the _______ will settle their differences by making them share management and profits equally 22. Wendy doesn't trust Marty and wants the LLC to be_______instead of________with her friend Darlene acting as manager. 3. Marty doesn't trust Darlene. He's afraid she’ll destroy the business in which case he'll lose all of his 1. Wendy sees Marty take some of the casino profits and hide them in a personal bank account. She sees him take more of the casino's money to buy himself a Maserati.Wendy worries that the court will_____________make them personally liable for the business debt.


Letter writing has been used in the business environment for hundreds of years and continues tobe an important means of communication even in today's world. (a) List any 10 potential components of a business letter (b) For each component identified in (a) briefly explain/describe the component in no more than 1 paragraph; include an example,where appropriate.


Income for Lemmi Bank in the years 20X8, 20X9 and 20X0 is made up as follows: Using the above data, draw the following: (a) A simple bar chart (b) A component bar chart (c) A percentage component bar chart (d) A compound bar chart


"When asked at a press conference yesterday to justify his government's apparent change ofattitude on the principles and practice of exporting armaments to certain Middle Easterncountries, President O'Reilly refused to be drawn into any sort of debate. He agreed that onecountry had been sold twice as many anti-missile devices as in the previous year but refusedto name the country concerned and merely repeated several times that the sale had been madeon the strict condition that the devices were to be used exclusively for defensive purposes.He would neither confirm or deny that the country concerned had already made firmarrangements to sell 6 of the devices to one of its neighbours at a substantial profit. "All Iknow," he said, "is that making them keeps 6,000 people employed, and selling them enablesus to buy 42 million barrels of oil without releasing any of our own currency". The above news item is to be reduced to a news flash/breaking news item. Using the readingand summarising techniques you have learned, provide the following: (a) The subject, stated in a single sentence (b) A list of main points/an outline or plan of the original passage (c) The news headline (d) The news flash, summarised in no more than 60 words


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