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Module 4

Business Organizations and Agencies

TermDefinition
actual authority The authorization
Agent A person who acts on behalf of another.
apparent authority Authority created when a principal holds out an agent as being able to represent the principal
Fiduciary A relationship where one owes another a very high standard of loyalty and care
Indemnification Where the principal must pay the agent back for properly incurring legal expense on the principal's behalf.
joint and several liability Where more than one party is liable to the plaintiff
Principal A person who is represented by another person
Ratification An after-the-fact authorization by the principal of an agent's contract with a third party.
Reimbursement A principal's paying the agent back for expenses the agent reasonably incurred in discharging the principal's task.
Corporation A business entity that is formed through application to the state
Director A person elected by shareholders to engage in broad management of a corporation.
Dissolution. In a partnership any change of membership. For a corporation
Dividend A share of corporate profits paid to its shareholders.
Incorporator The individuals who sign the articles or charter of incorporation.
limited liability company A business organization form that is formed through application to the state
limited partnership A business organization that can be created only by filing with the state
Partnership An association of two or more competent persons to carry on a business as co-owners for profit. The business itself is not a legal entity.
Shareholder An owner of a corporation; those individuals who hold stock or shares in equity in a company.
sole proprietorship A business owned and operated by a single person. The business has no separate legal existence from its owner.
Created by: heather.bradshaw
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