Save
Busy. Please wait.
Log in with Clever
or

show password
Forgot Password?

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

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.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know
Remaining cards (0)
Know
0:00
share
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 3

Business Organizations for Paralegals

AnswerQuestion
Unlimited personal liability liability for business debt, which extends beyond what is invested in a business to an individuals personal assets.
UPA Uniform Partnership Act, model for partnership legislation in about 1/4 of the states.
RUPA Revised Uniform Partnership Act, model for partnership legislation in about 3/4 of the states.
Capital account An account stating the money or value of any property contributed by a partner.
Tenancy in partnership Property co-owned by partners.
Interest in partnership A partner's right to profits.
Joint & several liability principle that each partners and the partnership are liable for all debts and wrongful acts.
Charging order court order requiring payment of partner's distributions to judgement creditor rather than to partner.
Marshaling of assets or exhaustion rule partnership theory requiring creditors to first exhaust partnership assets before pursuing partners individual assets.
Partnership agreement an agreement by two or more persons to do business together as a partnership; may be written or oral.
Foreign partnership a partnership doing business in a state other than the one in which it was formed.
General agency the authority of a partner to act for and bind the partnership and other partners.
Statement of Authority document filed with Secretary of State providing notice of partners who are authorized to act for partnership.
Statement of Denial document filed with Secretary of State denying information in Statement of Authority or providing notice of withdrawal from partnership.
Draw an advance payment, usually made against anticipated profits.
Recitals introductory clauses in agreements setting forth basis for agreement.
Partnership for a term a partnership with a definite term of duration.
Partnership at will a partnership with no specific term of duration.
Non-compete clauses clauses in agreement restricting signatory from competing with another during and after parties' relationship terminates.
Tax year annual accounting period for keeping records and reporting income and expenses.
Cash method of accounting Listing expenses and income in business records only when they are paid or received.
Accrual method of accounting listing expenses and income in business records when they are incurred or billed rather than when they are actually paid or received.
GAPP generally accepted accounting principles.
Dissolution change in the relation of partners, caused when a partner leaves the business; generally, a termination of a partnership.
Winding up wrapping up business affairs, terminating business, satisfying obligations, selling assets, and collecting debts.
Key person policies insurance policies on the life of key individuals in a business.
Dissociation a withdrawal of partner from a partnership; does not necessarily cause a dissolution or termination of partnership.
Wrongful dissociation a dissociation caused by a breach of partnership agreement.
Statement of Dissociation document filed with state to identify dissociation partner and filed to limit period for which partnership will be liable for dissociating partner's acts.
Statement of Dissolution a formal statement filed with state to notify others of partnership dissolution.
Check the box method by which businesses elect how they wish to be taxed, namely, whether as partnerships or corporations.
Created by: dawnbryant
Popular Law sets

 

 



Voices

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:
Retries:
restart all cards