Business Entities, Foreign Corrupt Practices Act (FCPA), 🏦 Bankruptcy

What is a sole proprietorship?

A single-owner business; simple but has unlimited personal liability.

What must a sole proprietor file if using a business name?

An Assumed Name Certificate in each county of operation.

What is a general partnership?

All partners share equal rights, responsibilities, and liability.

What is a limited partnership?

General partners have full liability; limited partners’ risk is limited to their investment.

When can a foreign company be prosecuted under the FCPA?

If its stock trades in the U.S. and it bribes a foreign official without disclosure.

Why is nondisclosure of a bribe a violation?

It misrepresents the company’s financial statements.

What is an estate in bankruptcy?

The legal entity representing the bankrupt business.

Who is the trustee?

The person managing the estate and reporting to the court.

Who is the creditor?

The person or entity owed money.

Who is the debtor?

The person or entity who owes the debt.

What is the judge’s role in bankruptcy?

Oversees the case and approves financial actions of the estate.