Business Organizations for Paralegals
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on it to display the answer.
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| business owned and operated by one person | Sole Proprietorship
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| the tax status in which all income is passed through to individuals or partners, who pay at their individual rates. | Pass-through tax status
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| business co-owned by two or more persons. | General Partnership
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| business created under a state statute in which some partners have limited liability. | Limited Partnership
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| business entity providing limited liability for its partners. | Registered Limited Liability Partnership
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| business providing pass-through tax status; all members have limited liability. | Limited Liability Company
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| legal entity existing under the authority of the state legislature. | Business Corporation
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| corporation formed by professionals. | Professional Corporation
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| corporation that passes through all income to its shareholders, who pay tax on income received. | S Corporation
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| small corporation with shareholders who are active in managing the business and that operates informally. | Close corporation
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| one who acts for or represents another. | Agent
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| the person for whom an agent acts. | Principal
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| an agency agreement, written or oral. | Express Agency
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| 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
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| an agency arising from acts that lead others to believe an agency relationship exists. | Agency by Estoppel
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| actual authority granted by one to another, whether in writing or orally. | Express Authority
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| the authority to act for another. | Power of Attorney
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| authority to act for another only as to specifically authorized matters. | Special Power of Attorney or Agency
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| authority to act for another as to any matter. | General Power of Attorney or Agency
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| an agent appointed by another agent | Subagent
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| 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
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| power to perform acts customarily performed by an agent. | Implied Authority
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| authority that arises through words or conduct of principal leading others to believe agent has authority to act for principal. | Apparent Authority
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| acceptance of an act; may be express or implied. | Ratification
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| duty to act in utmost good faith and fair dealing. | Fiduciary Duties
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| money paid in advance for services to be rendered. | Retainer
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| a civil wrong. | Tort
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| liability imposed on employers for acts of employees. | Respondeat Superior
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| liability imposed on one for anothers acts, without regard to actual fault. | Vicarious Liability
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| individuals performing services for another who are not employees and who exercise independent discretion and control over their own activities. | Independent Contractor
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| a principal whos existence and identity are known to others. | Disclosed Principal
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| a principal whose existence, but not specific identity, is known to others. | Partially Disclosed Principal
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| a principal whose existence and identity are unknown to others. | Undisclosed Principal
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