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LGLA2311-Chapter 1

Business Organizations for Paralegals

QuestionAnswer
business owned and operated by one person Sole Proprietorship
the tax status in which all income is passed through to individuals or partners, who pay at their individual rates. Pass-through tax status
business co-owned by two or more persons. General Partnership
business created under a state statute in which some partners have limited liability. Limited Partnership
business entity providing limited liability for its partners. Registered Limited Liability Partnership
business providing pass-through tax status; all members have limited liability. Limited Liability Company
legal entity existing under the authority of the state legislature. Business Corporation
corporation formed by professionals. Professional Corporation
corporation that passes through all income to its shareholders, who pay tax on income received. S Corporation
small corporation with shareholders who are active in managing the business and that operates informally. Close corporation
one who acts for or represents another. Agent
the person for whom an agent acts. Principal
an agency agreement, written or oral. Express Agency
an agency relationship in which there is no express agreement, but the parties words, conduct, or prior dealings show the existence of their agency relationship. Implied Agency
an agency arising from acts that lead others to believe an agency relationship exists. Agency by Estoppel
actual authority granted by one to another, whether in writing or orally. Express Authority
the authority to act for another. Power of Attorney
authority to act for another only as to specifically authorized matters. Special Power of Attorney or Agency
authority to act for another as to any matter. General Power of Attorney or Agency
an agent appointed by another agent Subagent
rule that if an agreement must be in writing, then agent's authority to act in regard to the agreement must also be in writing. Equal Dignities Rule
power to perform acts customarily performed by an agent. Implied Authority
authority that arises through words or conduct of principal leading others to believe agent has authority to act for principal. Apparent Authority
acceptance of an act; may be express or implied. Ratification
duty to act in utmost good faith and fair dealing. Fiduciary Duties
money paid in advance for services to be rendered. Retainer
a civil wrong. Tort
liability imposed on employers for acts of employees. Respondeat Superior
liability imposed on one for anothers acts, without regard to actual fault. Vicarious Liability
individuals performing services for another who are not employees and who exercise independent discretion and control over their own activities. Independent Contractor
a principal whos existence and identity are known to others. Disclosed Principal
a principal whose existence, but not specific identity, is known to others. Partially Disclosed Principal
a principal whose existence and identity are unknown to others. Undisclosed Principal
Created by: dawnbryant