Business Organizations and Agencies
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| actual authority | The authorization
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| Agent | A person who acts on behalf of another.
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| apparent authority | Authority created when a principal holds out an agent as being able to represent the principal
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| Fiduciary | A relationship where one owes another a very high standard of loyalty and care
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| Indemnification | Where the principal must pay the agent back for properly incurring legal expense on the principal's behalf.
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| joint and several liability | Where more than one party is liable to the plaintiff
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| Principal | A person who is represented by another person
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| Ratification | An after-the-fact authorization by the principal of an agent's contract with a third party.
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| Reimbursement | A principal's paying the agent back for expenses the agent reasonably incurred in discharging the principal's task.
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| Corporation | A business entity that is formed through application to the state
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| Director | A person elected by shareholders to engage in broad management of a corporation.
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| Dissolution. In a partnership | any change of membership. For a corporation
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| Dividend | A share of corporate profits paid to its shareholders.
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| Incorporator | The individuals who sign the articles or charter of incorporation.
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| limited liability company | A business organization form that is formed through application to the state
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| limited partnership | A business organization that can be created only by filing with the state
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| Partnership | An association of two or more competent persons to carry on a business as co-owners for profit. The business itself is not a legal entity.
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| Shareholder | An owner of a corporation; those individuals who hold stock or shares in equity in a company.
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| sole proprietorship | A business owned and operated by a single person. The business has no separate legal existence from its owner.
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Created by:
heather.bradshaw
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