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LGLA2311-Chapter 1
Business Organizations for Paralegals
| Question | Answer |
|---|---|
| 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
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