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Stack #4575494
| Question | Answer |
|---|---|
| articles of partnership | A written agreement that sets forth each partner's rights and obligations with respect to the partnership |
| buyout price | The amount payable to a partner on his or her dissociation from a partnership, based on the amount distributable to that partner if the firm were wound up on that date, and offset by any damages for wrongful dissociation |
| buy-sell agreement | In the context of partnerships, an express agreement made at the time of partnership formation for one or more of the partners to buy out the other or others should the situation warrant. |
| charging order | In partnership law, an order granted by a court to a judgment creditor that entitles the creditor to attach profits or assets of a partner on dissolution of the partnership |
| dissociation | The severance of the relationship between a partner and a partnership or between a member and a limited liability company |
| dissolution | The formal disbanding of a partnership, corporation, or other business entity For instance, partnerships can be dissolved by acts of the partners, by operation of law, or by judicial decree |
| Entrepreneur | One who initiates and assumes the financial risk of a new business enterprise and undertakes to provide or control its management |
| franchise | Any arrangement in which the owner of a trademark, trade name, or copyright licenses another to use that trademark, trade name, or copyright in the selling of goods or services |
| franchisee | One receiving a license to use another's (the franchisor's) trademark, trade name, or copyright in the sale of goods and services |
| franchisor | One licensing another (the franchisee) to use the owner's trademark, trade name, or copyright in the selling of goods or services |
| information return | A partnership tax return reports the business’s income and losses; the partnership doesn’t pay the tax—each partner is taxed individually on their share of the profits, whether distributed or not. |
| joint and several liability | In partnership law, a doctrine under which a plaintiff may sue all of the partners together (jointly) or one or more of the partners separately (severally, or individually) |
| joint liability | In partnership law, a doctrine under which a plaintiff must sue all of the partners as a group, but each partner can be held liable for the full amount |
| partnership | An agreement by two or more persons to carry on, as co |
| partnership by estoppel | A partnership imposed by a court when nonpartners have held themselves out to be partners, or have allowed themselves to be held out as partners, and others have detrimentally relied on their misrepresentations |
| pass through entity | The entity's income is passed through to the owners, and they pay taxes on the income |
| sole proprietorship | The simplest form of business organization, in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business |
| winding up | The second of two stages in the termination of a partnership or corporation, in which the firm's assets are collected, liquidated, and distributed, and liabilities are discharged |
| articles of organization | The document that is filed with the appropriate state official, usually the secretary of state, when a limited liability company is formed |
| certificate of limited partnership | The document that must be filed with a designated state official to form a limited partnership |
| family limited liability partnership (FLLP) | A limited liability partnership (LLP) in which the majority of the partners are members of a family |
| general partner | In a limited partnership, a partner who assumes responsibility for the management of the partnership and has full liability for all partnership debts |
| 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 |
| limited liability limited partnership (LLLP) | A type of limited partnership in which the liability of the general partner is the same as the liability of the limited partners—that is, the liability of all partners is limited to the amount of their investments in the firm |
| limited liability partnership (LLP) | A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership |
| An LLP is a pass | through entity for tax purposes, but a partner's personal liability for the malpractice of other partners is limited |
| limited partner | In a limited partnership, a partner who contributes capital to the partnership but has no right to participate in its management and has no liability for partnership debts beyond the amount of her or his investment |
| limited partnership (LP) | A partnership consisting of one or more general partners and one or more limited partners |
| member | A person who has an ownership interest in a limited liability company |
| 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 |
| alien corporation | A corporation formed in another country but doing business in the United States |
| articles of incorporation | The document that is filed with the appropriate state official, usually the secretary of state, when a business is incorporated and that contains basic information about the corporation |
| benefit corporation | A type of for |
| bond | A security that evidences a corporate (or government) debt |
| business judgment rule | A rule under which courts will not hold corporate officers and directors liable for honest mistakes of judgment and bad business decisions that were made in good faith |
| bylaws | The internal rules of management adopted by a corporation at its first organizational meeting |
| close corporation | A corporation whose shareholders are limited to a small group of persons, often family members |
| commingled | To put funds or goods together into one mass so that they are mixed to such a degree that they no longer have separate identities |
| common stock | A security that evidences ownership in a corporation. A share of common stock gives the owner a proportionate interest in the corporation with regard to control, earnings, and net assets. |
| corporation | A corporation is a firm that is authorized by statute to act as legal entity separate and distinct from its owners (shareholders) |
| crowdfunding | A cooperative activity in which people network and pool funds and other resources via the Internet to assist a cause (such as disaster relief) or invest in a business venture (such as a startup) |
| dividend | A distribution of corporate profits to the corporation's shareholders in proportion to the number of shares held |
| domestic corporation | In a given state, a corporation that is organized under the law of that state |
| foreign corporation | In a given state, a corporation that does business in that state but is not incorporated there |
| holding company | A company whose business activity is holding shares in another company |
| inside director | A person on a corporation's board of directors who is also an officer of the corporation |
| outside director | A person on a corporation's board of directors who does not hold a management position in the corporation |
| piercing the corporate veil | The action of a court to disregard the corporate entity and hold the shareholders personally liable for corporate debts and obligations |
| preemptive rights | The right of a shareholder in a corporation to have the first opportunity to purchase a new issue of that corporation's stock in proportion to the amount of stock already owned by the shareholder |
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