Vincenzo Martin and Sasha Boudrakis Have Started a New Firm

question 21

Multiple Choice

Vincenzo Martin and Sasha Boudrakis have started a new firm, The Fan Base. Vincenzo is a well-known marketing guru who advises major league sports franchises on how to maximize the revenue from their teams' brands and logos. Sasha, meanwhile, is mostly silent in the operation. He has invested $2 million to get The Fan Base off the ground, and in return he receives 25% of the firm's annual profits. The Fan Base is organized as a

• A) sole proprietorship.
• B) general partnership.
• C) corporation.
• D) limited liability company (LLC).
• E) limited partnership.

Grasp the procedural requirements for mergers and conversions involving limited partnerships and LLCs.

Comprehend the significance and implications of apparent authority and dissociation in limited partnerships.

Recognize the legal frameworks enabling the formation of various business entities like LLLPs.

Identify the liabilities and rights of members in an LLC, including aspects of personal liability and capital contributions.

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Definitions:

Wish Fulfillment

A concept in psychoanalytic theory referring to the satisfaction of a desire through dreaming or fantasizing.

Reinforcement

In behaviorism, a consequence that will strengthen an organism's future behavior whenever that behavior is preceded by a specific antecedent stimulus.

Falsifiable

A criterion for a theory or hypothesis that it can be proven wrong by an observation or a physical experiment.

Falsifiable

The possibility that a hypothesis can be disproven by experimental or observational evidence.