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B Law 2 Unit 3 Ch 28

Limited Liability Companies and Special Business Forms

TermDefinition
limited liability company (LLC) A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.
member A person who has an ownership interest in a limited liability company.
articles of organization The document filed with a designated state official by which a limited liability company is formed.
operating agreement An agreement in which the members of a limited liability company set forth the details of how the business will be managed and operated.
joint venture A joint undertaking for a specific commercial enterprise by two or more persons or business entities; treated like a partnership for federal income tax purposes.
syndicate A group of individuals or firms that join together to finance a project; also called an investment group.
joint stock company A hybrid form of business organization that combines characteristics of a corporation and a partnership; usually regarded as a partnership for tax and other legal purposes.
business trust A form of business organization created by a written trust agreement that resembles a corporation. Legal ownership/management of the trust’s property stay with the trustees and the profits are distributed to the beneficiaries, who have limited liability.
cooperative An association, which may or may not be incorporated, that is organized to provide an economic service to its members. Unincorporated [x] are often treated like partnerships for tax and other legal purposes.
Created by: leighg2011