Term
| a business owned by one person. 2/3s of business in the US and 99% have revenue less than 1 million. |
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Definition
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Term
| a sole proprietorship is (2) |
|
Definition
simplist form of organization
less governmental involvement |
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Term
| some citites have a ________ for sole proprietorsips |
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Definition
|
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Term
| Professionals that may need a license (5) |
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Definition
Attorneys (every state)
doctors (every state)
barber beuticians
plumbers
mechanics |
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Term
| Advantages for a sole proprietorship 3 |
|
Definition
easier to start
more flexibility (decision making)
Don't share profit |
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Term
| disadvantages of a sole proprietorship 3 |
|
Definition
don't share the risk
creditors can take your personal assets difficult to get money in form of a loan
diffucult to raise capital |
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Term
| 2 or more people VOLUNTARILY associating with achother as OWNERS to pursue a COMMON INTEREST for the common interest of making a profit (profit as a goal) |
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Definition
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Term
| in a gerneral partnership the rights of the partners are determined by |
|
Definition
state laws
RUPA
revised uniform partership act |
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Term
| determines the responsibilities and rights of those who follow general partnership |
|
Definition
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|
Term
| michigan uses the ____ for general partnership |
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Definition
UPA
uniform parternship act |
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Term
| There are 3 ways to form a general partnership |
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Definition
1. written agreement (reccomended)
2. oral agreement (hard to prove what you agreed to)
3. nothing- if you operate like one (share profit, share work load, share losses, share authority, decision making power) |
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Term
| 5 things that describe general partnership |
|
Definition
-profits are shared =ly
-losses are shared =ly
-partners have one vote regarless of interest
-one partern's knowledge is imputed to all partners
-partners' act bind partnership |
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Term
| For general partnership, in ordinary business matters |
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Definition
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|
Term
| for general partnership, in major matters |
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Definition
| unanimous consent is required |
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Term
| When you share knowledge with the other partners it is |
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Definition
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Term
| The partners in a general partnership act as a ____ of a partnershup and ____ of every other partner |
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Definition
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Term
| Partner's in a general partnership have a |
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Definition
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Term
| put others interests and partnership above his own is called |
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Definition
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Term
| In a general partnership, you have to offer your interest to the partners before outsiders called |
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Definition
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Term
| In a general partnership you are taxed on |
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Definition
| your net income tax return not taxed on prodits. just an informational return k1 form |
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Term
| the order of source of funds when there is a lawsuit in a general law suit. hiearchy $ paid to judgement |
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Definition
1. insurance policy
2. offending partners personal assets
3. innocent partner |
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Term
| When a partnership ends it is called a |
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Definition
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|
Term
| process of ending business in anticipation of dissolution |
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Definition
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Term
| When winding down a partnership termination 4 |
|
Definition
partners cannot create new obligations
collecting and selling property
discharging liabilities
distributing proceeds to partner |
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Term
| In a partnership termination RUPA |
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Definition
| if one partner buys the business will continue and not dissolve |
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Term
| In partnership termination with UPA |
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Definition
| the partnership ends when the partner leaves. the partnership disolves |
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Term
|
Definition
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Term
| Uses for this partnership is to raise capital for single projects. It is sold by____ |
|
Definition
limited partnership
brokers |
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Term
| The advantages/disadv in a limited partnership |
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Definition
adv- limited liability, most you can lose is what you invested
disadv- no votes |
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Term
| a limited partnership is taxed |
|
Definition
| taxed on personal income taxes |
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Term
| What are the 2 classes of partners in a limited partnership |
|
Definition
general partner-manage the business, r personally liable unless they encorborate themselves
limited aprter- majority |
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Term
| The shares of units of limited partners can be sold ____ |
|
Definition
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Term
| For this partnership there is no personal liability for partnership obligations, but there is unlimited personal liability for wrongful conduct, and there are taxation options |
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Definition
| limited liability partnership |
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Term
| the taxation options for a limited liability partnership are |
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Definition
| have the business be taxed or each partner is taxed |
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Term
| wrongful conduct for Limited liability partnership insludes |
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Definition
| malpractive or intentional torts, negligence |
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Term
| a legal entity created by state law. it is encorborated in one state and in that state is a __________and other states called a __________. |
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Definition
corporation
domestic corporation
foreign corporation |
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Term
| The corporation lasts forever or until it's disolved called |
|
Definition
|
|
Term
| a __________ owned by one person or laot of people |
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Definition
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|
Term
| What tells you that there is ownership in a corporation |
|
Definition
| stock, equity security or equities |
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|
Term
| The corporation is ________ |
|
Definition
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|
Term
| a corporation has the rights to 4 |
|
Definition
access to the courts
protection from unreasonable searches
right to communicate freely
protectuin from unreasonable seizures of property |
|
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Term
| the right for a corporation communicate freely is called |
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Definition
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|
Term
| commercial speech is values less than |
|
Definition
| social or political speech |
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Term
| In a corporation, shareholders have ______ for corporation debts |
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Definition
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|
Term
| shareholders are protected by the |
|
Definition
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|
Term
| you pierce the corporate veil by the |
|
Definition
|
|
Term
| little or no seperation between interest of shareholders and corporation, then the corporation is a shame. |
|
Definition
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|
Term
| for the annual meetings in a corporating, shareholders can use a |
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Definition
| proxy- have someone vote in their interests |
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Term
| unionizes the offisors from personal financial liability of corporation. can be fired but, personal assets are protected |
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Definition
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|
Term
| the business judgement rule applies as long as 4 |
|
Definition
did not exceed their scope of authority
must show good faith
must honor fiduciary relationship
cannot commit fraud |
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Term
| places interests of corporation and shareholder ahead of their own |
|
Definition
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|
Term
| this corporation has a small number of shareholders, shares are not traded on any exchange, many states dispense with formalities, articles of incorporation may require right of first refusal on transfer of shares |
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Definition
| closely held corporations, closed corporations, private corporations |
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Term
| somthing you apply for that is a way to avoid double taxation |
|
Definition
|
|
Term
| In a ______you do not pay income taxes, just shareholders like general partnership |
|
Definition
|
|
Term
|
Definition
maximum of 100 shareholders
must reside in US
natural persons (not a corporation)
no shares with diff rights of distribution
cannot be a subsidiary or parent comp |
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Term
| With an s corp status you fill out a |
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Definition
| k1 form 2 report profits and then senf to irs |
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Term
| sources of operating capital |
|
Definition
equity securities
debt securities
earnings |
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Term
| equity securities create an |
|
Definition
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|
Term
| There are 3 types of debt securities |
|
Definition
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|
Term
| Lt debt 10-20 years. unsecured. if not paid back, cannot go after assets |
|
Definition
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|
Term
| LT debt is secure. can go after corp assets |
|
Definition
|
|
Term
| short term debt security 10 days to 5 year |
|
Definition
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|
Term
Filed in the state
indicates status in name of business
shareholders must be of same profession |
|
Definition
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|
Term
| Liability for professional corporation |
|
Definition
| there is no personal liability for partnerhsip debts or other partners' malpractice |
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Term
| a ______ is availble in a professional corporation |
|
Definition
|
|
Term
owners' risk of loss is limited to investment
taxation options
unlimited # of owners
foreign ownership allowed
formation requirements vary by state(disadv) |
|
Definition
| limited liability company |
|
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Term
| a limited liability company is not |
|
Definition
|
|
Term
| owners of an limited liability company or an llc are called |
|
Definition
|
|
Term
| the owners ina corporation are called |
|
Definition
|
|
Term
| owners of a general partnership are called |
|
Definition
|
|
Term
| In the agency principle relationship an agent is a _______ and is employed by the ________ |
|
Definition
|
|
Term
| the entity in which the agent is interactig is called |
|
Definition
|
|
Term
| the agent has a ________ and _____ to their principal |
|
Definition
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|
Term
| The agent forms contracts between the principal and 3rd party and with their signiture it _____ the principal. |
|
Definition
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|
Term
| The principal is liable for _____ by the agent |
|
Definition
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|
Term
| The courts have made common law that affect employee rights. the principle common law is |
|
Definition
| employment at will doctrine |
|
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Term
| this can fire an employee at any time for any reasons or no reasons. the employee can also quit or retire wheneber; |
|
Definition
| employment at will doctrine |
|
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Term
| the 5 exceptpions to employment at will are |
|
Definition
contracts (dates)
case law
public policy
statutes
union employment |
|
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Term
| in public policy what are some things you can't be fired for |
|
Definition
whistle blowing
refusing to take polugraph test
jury duty
military reserve
complaining about work conditions
filing sexual harassment claim
workmens comp
being near retirement |
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Term
| in a union there is a master contract that lists why you can be fired. it is only for a just cause (fair reason) and you have to tell them why. In a contract this is called a |
|
Definition
|
|
Term
| privacy rights of empoyees |
|
Definition
| PRIVACY IS not violated if there is no reasonable expection of privacy |
|
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Term
| if things are stated in the employee manual (monitor personal calls) and take job then there is |
|
Definition
| no reasonable expectation of privacy |
|
|
Term
| in a public area it is not reasonable to expect privacy so there can be |
|
Definition
|
|
Term
| there can be no _______ in a private area but can use_____ |
|
Definition
hidden camera
visible surveillance camera |
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Term
| in private areas if there is a good reason to use a hidden camera you can do this if |
|
Definition
| you post notice so it takes away reasonable expectation of privact and deters crimes |
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Term
| with controlled substance testing employors can test only in |
|
Definition
|
|
Term
| for controlled substance testing, government employors look at the |
|
Definition
| 4th amendement. search and seizure. has to be justified. only when there is a reasonable suspician or the public is at risk. |
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Term
| for union members and controlled substance testing you |
|
Definition
|
|
Term
| ______ testing is acceptable unannounced when others are in danger |
|
Definition
|
|
Term
| A private employer may not require you to take an exam or an applicant. Cannot inquire you about past exam results. use 2 results against employee or applicant or discriminate against someone who refuses to take a test. this act is called |
|
Definition
| employee polygraph protection act |
|
|
Term
| employers exempt from polygraph laws 5 |
|
Definition
1government
2security service firms
3controlled substance firms (pharmaseuticals)
4victems of theft or spying
5companies providing consulting services to federal intelligence agencies cia |
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|
Term
| This gives employee time to get off work and still get their job back |
|
Definition
| FMLA family & medical leave |
|
|
Term
|
Definition
|
|
Term
| the employees FMLA applies to ary |
|
Definition
| any public employee or an employor of 50 or more employees |
|
|
Term
|
Definition
| 12 weeks in any 12 month period |
|
|
Term
| an employee can use the fmla for their personal serious illness if it does not allow them to perform the _____ |
|
Definition
| essential functions of a job |
|
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Term
| conditions to qualify for fmla are |
|
Definition
most have worked 12 months
give 30 day notice with reason and length of time needed if foreseable
if not foreseeable then notice as soon as practible |
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Term
| the federal law that regulates organized labor (work force and employer) that law is ______. the ____ gave the right to organize and bargain collectively through chosen representatives. |
|
Definition
| NLRA national Labor relations act |
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|
Term
|
Definition
|
|
Term
choose representatives through
elections can be used to choose union to represent works, which union will represent them, or power to decertfy a union. (get rid of union) |
|
Definition
|
|
Term
| monitors elections to make sure employees choose who represents them without unfair influence from unions or employors. They oversee election and is conducted under ___________ to ensure eletion is free of undue or unfair influence. |
|
Definition
NLRB(national labor relations board)(created by NLRA.
labatory conditions |
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Term
| The NLRB will not border an electrion to certify a union until there is a |
|
Definition
| substantial showing of interest among employees at least 30% |
|
|
Term
| Union elections are once _____ |
|
Definition
|
|
Term
| federal restrictions on union membership (types of emplees that may not unionize) are 6 |
|
Definition
governemtn employees (state or local)
transportation employees
employees of spouse or parent
agricultural workers
domestic employees
supervisors and managers |
|
|
Term
| The NLRB determines which employees can vote in elections radifying negotaited contracts. it requires employees to be in |
|
Definition
| appropriate bargaining unit |
|
|
Term
| all the critera of a ______ does not need to be there. it is just more likely to be in a ______.The criteria focuses on one key consideration whcih is a __________________. |
|
Definition
appropriate bargaining unit
community of interest- u want ppl in same bargaining unit to have same interests they are arguing for. a union can be more effective if bargaingin for similar needs which helps with the goal collecting bargaing being stable and efficient.diverse interests defeats goal of stable and efficient. |
|
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Term
| goal of collective bargining |
|
Definition
|
|
Term
| mandatory things you are suppose to discuss with the union such as all pay issues, length of time to end of pay period and pay day, length of shift, outsourcing, pay for double time, $night shift |
|
Definition
| compulsory collective bargaining subects |
|
|
Term
-threating employees against union
-bribing employees
-barring organizing activities
-refusing to provide relevant info
-refusing to bargain in good faith
-refusing to bargain over compulsory collective barg subjects
-establishing a rep group of employees
-recognizing a union that doesn't represent majority |
|
Definition
|
|
Term
-prohibiting union notices on rideshare bulletin boards
-expression - union views
-predicting a union's impact
-prohibiting union solicitation during work hours
-not bargaining on voluntary collective bargaining subjects |
|
Definition
| employers' fair labor practices |
|
|
Term
| mgt does not have to discuss these with the union |
|
Definition
| voluntary collective bargaining |
|
|
Term
-refusing to bargain
-trying to force employers to pay workers for work not performed
-asking an employer to join a secondary boycott
-picketing employer to cause bargaining with an undertified union |
|
Definition
| unfair labor practices by union |
|
|
Term
| In a _________ you do not have to be represented by a union or pay dues |
|
Definition
|
|
Term
| in mi or a not right to work state you |
|
Definition
| are represented by the union whether you want to be or not and have to pay dues |
|
|
Term
|
Definition
|
|
Term
| allows equal pay for substantially equal qoek |
|
Definition
|
|
Term
| the equal pay act allows = pay for ______. 4 |
|
Definition
substantially equal work
=effot
=skill
= responsibility
similar working conditions |
|
|
Term
| the equal pay act is _law |
|
Definition
|
|
Term
| an employer can pay more regarding skill if it is a skill |
|
Definition
|
|
Term
| the 4 defenses for equal pay act |
|
Definition
seniority
merit
productivity
any non gender factor (shift) |
|
|
Term
|
Definition
|
|
Term
|
Definition
1. requires overtime to be 1 1/2 time
2. limit hours worked under 16
3. sets federal minimum wage |
|
|
Term
| this prohibits employment discrimination against employees and applicants |
|
Definition
| civil rights act of 1964 Title 7 VII |
|
|
Term
| civil rights act of 1964 is also called |
|
Definition
|
|
Term
| The civil rights act of 1964 is ____ law. It says that discrimination can't be based on ______ including 5 |
|
Definition
federal
protected classes
Race, color, religion, gender, national origin |
|
|
Term
| the adminstrative federal agency that enforces the law civil rights act of 1964 is |
|
Definition
| eeoc equal employment opportunity commision |
|
|
Term
| What does the eeoc stand for |
|
Definition
| equal employment opportunity comission |
|
|
Term
| type of company that covers employees under the civil rights act of 1964 are |
|
Definition
| 15 or more people and involved in a job affecting interstate commerce |
|
|
Term
| forms of discrimination 3 |
|
Definition
disparate treatment
disparate impact
harassment |
|
|
Term
| the employee alleging a specific act of discrimination. intentional discrimination. |
|
Definition
|
|
Term
| By establishing the prima fica case in disparate treatment you are creadting a |
|
Definition
| presumptiom (tells court they can presume that there was discrimination) |
|
|
Term
| When there is a presumption from disparate treatment the ____ goes to the business |
|
Definition
|
|
Term
| in a disparate treatment case the defense has to show that there was a |
|
Definition
| legitament non discrimatory reason |
|
|
Term
| in a disparate treatment, once there is a defense presented you ____ the presumption of discrimination and the _____ goes back to plantiff and they have to prove that there was____. there is no longer a presumption. |
|
Definition
rebutt
burden of proof
discrimination |
|
|
Term
disparate treatement defenses
or nondiscrimatory reasons |
|
Definition
poor performance
tardiness
too many absences
- remarks references |
|
|
Term
| In a disparate treatment case, after there is a rebutt of the presumption then the plantiff has there was a |
|
Definition
|
|
Term
| an excuse given that was not the real reason a person wasn't hired. it was made up to hide discrimination. the plantiff has to proce evidence of a |
|
Definition
|
|
Term
| to show evidence of a pretext you can |
|
Definition
identify hired applicants who are not in a protected class and did not meet employer's criteria
or use stats |
|
|
Term
| The employer's conduct causes discrimination even through there was no intent to discriminate. Usually more than one worker or applicant at a time |
|
Definition
|
|
Term
|
Definition
| in disparate impact use this. rule of thumb by eeoc. If the selection rate for members of protected class is less than 80% of selection rate of group with higher selction rate then disparate impact |
|
|
Term
| defenses for disparate impact |
|
Definition
-the discriminatory requirment is a business necessity
-senority
-merit
-bona fide occupational qualification |
|
|
Term
|
Definition
| bona fide occupational qualification |
|
|
Term
| a tcan be true requirementm discriminatory if it is essential to the job |
|
Definition
| BFOQ bona fide occupational qualificaion |
|
|
Term
| the 2 forms of sexual harrassment |
|
Definition
quid pro quo
hostile environment harrassment |
|
|
Term
| somthing in exchange for something else form of sexual harassment |
|
Definition
|
|
Term
| when a company is responsible for their employees sexual harrassment |
|
Definition
| vicarious liability (liability w.o fault) |
|
|
Term
| as mgt you can do periodic reviews and etc to build a ________as a defense in advance for wrongful termination |
|
Definition
|
|
Term
| age discrimination proof applies to companies |
|
Definition
| with 20 or more employees in an industry that affects inner state commerce and us firms who employ us people abroad |
|
|
Term
|
Definition
| age discrimation employment act |
|
|
Term
| you cannot set a retirement age unless it is an |
|
Definition
|
|
Term
| the age discrimination applies to plantiffs |
|
Definition
age of 40 or more
qualified
fired or not hired
replaced by a younger person |
|
|
Term
| 3 age discrimination defenses |
|
Definition
bfoq
bonafide senority system
executive exemption |
|
|
Term
| allows manadatory retirement at age 65 if have worked there at least 2 years and has accrued an annual retirement benefit of 44,000 |
|
Definition
|
|
Term
|
Definition
| american wither disabilities act |
|
|
Term
| the ada must be obeyed by employers with |
|
Definition
|
|
Term
| as long as someone can perform the essential functions of a job but are disabilied they are called |
|
Definition
| qualified disabled and the employer must provide reasonable accomadations. (if they don't create undue hardship) |
|
|
Term
| the ada protexts employees who |
|
Definition
have impairments that substantially limit a life activity
have a record
regarded as having one
misdiagnosed |
|
|
Term
| bankruptcy is under ___ law |
|
Definition
federal law
under exclusice federal jurisdiction
bankrupcty court
courts of limited jurisdiction |
|
|
Term
| the 2 goals of bankruptcy |
|
Definition
give debtor a fresh start, fresh of debt
treat creditors equitably |
|
|
Term
| bankruptcy is established inthe |
|
Definition
|
|
Term
|
Definition
chapter 7
chapter 11
chapter 13 |
|
|
Term
| chapter 7 bankruptcy is also called |
|
Definition
|
|
Term
| to qualify for chapter 7 you must have an income ________, and also submit to ______. |
|
Definition
| lower than the medium income for the state credit cousneling |
|
|
Term
| for chapter 7 you can only filed once every |
|
Definition
|
|
Term
| Any person may file a chapter 7 including |
|
Definition
|
|
Term
| for chapter 7 you must file where you have ______ in the past 365 days |
|
Definition
|
|
Term
bankrutpcy can remain on your credit report for
chapter 7 |
|
Definition
|
|
Term
| term when you dont have to pay the debt to creditor. |
|
Definition
|
|
Term
| Driven factor making ppl file is from relief from creditors. When bankruptcy is filed, the court issues an |
|
Definition
|
|
Term
| court grants order of relief which a form that goes out to all creditors of debter. Court orders Creditors must honor this order. Order establishes an |
|
Definition
|
|
Term
| another word for chpater 11 bankruptcy |
|
Definition
| reorganization usually companies |
|
|
Term
| non dischargeable debt for chapter 7 includes nothing exceeding ______ for luxary goods or serviced debts or cash advanges and charges within ____ days |
|
Definition
|
|
Term
| In chapter 7 fraudulently incurred debt and malicious destruction claims are _________ and in chapter 13 are _______. |
|
Definition
non dischargeable
dischargeable |
|
|
Term
| in ch 13 bankruptcy the debtor must have _____ and does this _______ |
|
Definition
income
makes payments to the corut in a 3-5 year plan |
|
|
Term
| ch 11 a debtor may ______ contracts |
|
Definition
| rescind executory contracts |
|
|
Term
| in ch 11 a ______ is proposed |
|
Definition
|
|
Term
| in ch 11 _______ can run the business |
|
Definition
|
|
Term
| inch 11 the debtor may ________ or creditors may file an |
|
Definition
file a petition
involuntary action |
|
|
Term
| federal exemptions in ch 7 |
|
Definition
homestead
motor vehicle
household goods
jewelry
tools of the trade
personaly injury awards
ira |
|
|
Term
| property you keep after bankruptcy is called an |
|
Definition
| exempt property or exemption |
|
|
Term
| if you dont have a house, you can use that portion on other federal exemptions |
|
Definition
|
|
Term
| property that is allowed to be kept is called ______ while the remaining property which is taken to pay debts is called______ |
|
Definition
exempt property
bankruptcy estate |
|
|
Term
| the bankruptcy process begins when the debtor files a ______ in federal court |
|
Definition
|
|
Term
a document containing details of debtors finances (current income and list of monthly expenses) and a list of every creditor he owes money to both secured and unsecured creditors.
Lastly all the personal and real property they own |
|
Definition
|
|
Term
| liability of a cosigner in chapter 7 is |
|
Definition
| must pay creditor even through debtor is no longer obligated after bankruptcy |
|
|
Term
| liability of cosigner in chapter 13. |
|
Definition
| cosigner is not obligated to pay until the debtors 3-5 year payment plan has been completed |
|
|
Term
| the purpose of the 1st meeting of creditors |
|
Definition
| whether the debtor listed all of his debts and all of his property in his bankruptcy petition |
|
|
Term
| 2nd meeting of creditors is used for |
|
Definition
resolve omissions of property or debt from petition
or resolve other discrepancies |
|
|
Term
| in a general partnership the rights of patners are determined by |
|
Definition
|
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Term
| general partnership contracts mostly have a clause called ___ means each and every partner is 100% liable for any responsibilities of the partnership |
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Definition
| joint and several liability clause |
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Term
| for limited partnership a disadvantage for a gneral partner |
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Definition
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Term
| if an employee commits a crime or an director or officor commits a crim they are |
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Definition
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Term
| closely held corporations can be formed ____ |
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Definition
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Term
| a professional corporation is filed with |
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Definition
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Term
| the disadvantage to a LLC is |
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Definition
| formation requirements vary by state |
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Term
| In a disparate impact, the plantiff can ______ defense by showing that business necessity is ____ |
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Definition
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Term
| unwanted sexual behavior that makes it hard for someone to do their job |
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Definition
| hostile environment harrassment |
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Term
| for the age discrimination defense of bfoq you have to show the relationship ship between |
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Definition
| age and ability 2 do job saftely and effectivly |
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Term
| safety in numbers. alot safer in a group that is doing something wrong. personally can't be blamed but group. |
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Definition
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Term
| bankruptcy types are referred to as |
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Definition
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Term
| 00000you cannot ____ amoung creditors |
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Definition
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Term
| after the 1st meeting all creditors that want payment from non exempt assetsmust file a |
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Definition
| proof of claim (indicates how much they claimed and whats owed to them) |
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