Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

LGLA2311-Chapter 4

Business Organizations for Paralegals

Silent partner an older term for limited partner.
Limited partnership business entity created in accord with state statutes that provides limited liability to some of its members, called limited partners.
ULPA Uniform Limited Partnership Act.
RULPA Revised Uniform Limited Partnership Act; the model for limited partnership legislation in most states.
2001 Act revised version of RULPA, fully adopted in 14 states and providing significant protection from liability for all partners.
Limited partner a member of a limited partnership who does not participate in managing the business and whose liability is limited to the amount invested in the business.
General partner member in a limited (or general) partnership who manages and controls the business and has unlimited personal liability.
Safe harbor activities that do not violate a statute.
Due diligence investigation and research conducted before entering into agreements or transactions.
Limited partnership certificate the document filed with the state that creates a limited partnership.
Agent for service of process one who agrees to accept litigation notices for another.
Foreign limited partnership a limited partnership doing business in a state other than the one in which it was formed.
Domestic limited partnership a limited partnership created in the state in which it conducts its business.
Doing business activities enumerated by a state that require an entity to qualify before entering the state to transact business.
Limited partnership agreement agreement among partners in a limited partnership, usually written but may be oral.
Events of withdrawal events relating to a general partner that cause dissolution of a limited partnership.
Partnership interest a partner's share of partnership profits.
Nonjudicial dissolution dissolution of an entity without involvement by a court.
Judicial dissolution dissolution of an entity ordered by a court.
Direct action action brought by one to redress a wrong done to him or her.
Derivative suit action brought by one to enforce an obligation owed to another, usually to a business.
Tax shelter a vehicle that focuses on tax savings rather than on profit-making.
Family limited partnership an investment vehicle entered into by family members to achieve estate and tax planning benefits (sometimes called a family limited liability company).
Limited liability limited partnership a form of limited partnership affording protection from personal liability to its general partners.
Created by: dawnbryant
Popular Law sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards