Term
Constitution (Division between...)
Ch5 |
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Definition
Government - first 7 articles
Liberties - 2nd part, Ammendments (first 10 are Bill of Rights) |
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Term
Structure and Purpose of Constitution
Ch5 |
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Definition
| Preamble, Roles of the Constitution, Protection, Separation of Powers, Checks/Balances, and Articles |
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Term
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Definition
| 1) More perfect union, 2) establish justices, 3) ensure domestic tranquility, 4) provide by a common defense, 5) promote general welfare and, 6) secure the blessings of liberty |
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Term
Roles of the Constitution
Ch5 |
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Definition
| 1)Establish a national government, 2)control the relationship between the national government and the government of the states, 3) define and preserve our personal liberties, 4) enable the government to perpetuate itself |
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Term
Protection from Constitution
Ch5 |
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Definition
| protects the people from the government |
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Term
Separation of Powers from Constitution
Ch5 |
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Definition
| constitution gives each branch of the Federal government specific powers that other branches do not have. No branch has more power than another |
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Term
Checks and Balances from Constitution
Ch5 |
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Definition
| one branch keeps another branch's power in control |
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Term
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Definition
| Legislative Branch - House of Representatives and Senate; Also get the Commerce Clause |
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Term
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Definition
| Executive Branch - President, Commander and Cheif |
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Term
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Definition
| Judicial Branch - Supreme Court/Lower Courts |
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Term
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Definition
1)Full Faith and Credit Clause - states need to respect and uphold the laws and judicial decisions of other states
2)Privileges and Immunities Clause - treat citizens of other states the same as the citizens of our own state |
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Term
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Definition
| How we ammend the Constitution |
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Term
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Definition
| Supremacy Clause - Federal constitution and its laws are the Supreme law of the land |
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Term
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Definition
| Our constitution will be established when 9 states ratified it - happened in 1788 |
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Term
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Definition
| Gives the Federal Government the authority to regulate business activity, particularly interstate activity; Interstate (amongst two or more states) Intrastate (within one state) |
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Term
Federal Government's power in Economic Regulation
Ch5 |
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Definition
Heart of Atlanta Motel (claimed intrastate, but Feds interpretted interstate);
Limitations: Lopez (kids bringing guns to school) and Morrison (violent acts) |
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Term
State Government's power in Economic Regulation
Ch5 |
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Definition
| Authority to regulate through Police Power - promote public health, safety, morals by regulating people and property within state |
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Term
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Definition
| Ratified in 1791; more individual impact than first half of Constitution |
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Term
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Definition
| Freedom of Religion (Establishment Clause & Free Excercise Clause) and Free Speech (government can control context not content) |
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Term
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Definition
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Term
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Definition
| Illegal Search and Seizure |
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Term
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Definition
| Double Jeopardy; Power of Eminent Domain; Physically (widen road); Regulatory (diminishing value of property) |
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Term
Power of Eminent Domain
Ch5 |
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Definition
| cannot take private property for public use without just compensation |
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Term
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Definition
| Right to Speedy Trial, etc |
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Term
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Definition
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Term
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Definition
| Power not given to Federal Government by Constitution nor prohibited to the states by the Constitution are reserved to the states |
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Term
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Definition
| States are not to take life/liberty/etc. - Constitution applies to states as well |
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Term
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Definition
| notice and a fair hearing; Procedural and Substantive (have right to ahve laws that do not deprive us of certain basic rights |
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Term
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Definition
| The government is not to treat one group of people differently without a rational basis |
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Term
Administrative Agencies
Ch6 |
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Definition
| Agency is any governmental unit other than the legislature and the courts; Types include Regulatory, Executive Departments, and Non-Regualtory Welfare Agencies |
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Term
Roles of Admin Agencies
Ch6 |
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Definition
| Specialization, Protection for small businesses, help satisfy due process, satisfy social goals, and faster relief |
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Term
Laws Governing Admin Agencies
Ch6 |
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Definition
| Creation/Control, APA, Freedom of Information Act, and Federal Register Act |
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Term
Creation/Controlling Admin Agencies
Ch6 |
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Definition
| Enabling legislation (statute that gives life to agency) Congress creates Admin Agencies, and President gets to appoint head of agency |
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Term
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Definition
Administrative Procedure Act
established uniform procedures for agencies to follow when they're setting forth |
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Term
Freedom of Information Act
Ch6 |
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Definition
| certain information the agency has should be public |
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Term
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Definition
| oversees the publication of federal agency information through three publications: US goverment Manual, Code of Federal Regulation, and Federal Register |
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Term
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Definition
| list of all federal agencies and their regional offices |
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Term
Code of Federal Regulation
Ch6 |
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Definition
| Place all regulations from all agencies - changes each year |
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Term
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Definition
| Daily publication of updates on changes to any Federal regulations |
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Term
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Definition
| Legislature, Executive and Judicial - mini government |
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Term
Legislature of Admin Agencies
Ch6 |
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Definition
| 3 Types of Rules: Procedural (internal operations structure), Interpretive (not the law, but viewpoint or opinion on its own law) and Legislative (substantive part, have to follow) |
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Term
Rule Making Process of Admin Agencies
Ch6 |
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Definition
| Informal (notice in Register, wait time for people to look and comment) and Formal (notice in Register, wait time with a public hearing over pros and cons) |
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Term
Executive Functions of Admin Agencies
Ch6 |
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Definition
| How they go about enforcing regulations |
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Term
Judicial Functions of Admin Agencies
Ch6 |
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Definition
Two types of Hearings:
Rule Making and Adjudication |
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Term
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Definition
| 1. Only effects those involved in hearing, 2. Numerous, even more so than court, 3. Consent Order, 4. ALJ, 5. Exhaust Administrative Remedies |
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Term
Consent Order from Adjudications
Ch6 |
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Definition
| Allows company x to say they'll do better without admitting guilt |
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Term
ALJ from Adjudications
Ch6 |
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Definition
| Administrative Law Judges - similar to bench trial |
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Term
Exhaust Administrative Remedies
Ch6 |
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Definition
| must try everything within Agencies before allowing you to go to court |
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Term
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Definition
| Executive: chooses head and approves budget; Legislative: can create rules to negate agency or terminate/restrict/expand agency and gets to approve budget; Judicial: After exhausting admin remedies, threat of judicial review is the cheif constraint on agency power |
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Term
Business Structure - Factors and Forms
Ch20 |
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Definition
Factors: Cost, Continuity, Control, Liability, Taxes, and "Catch-All"
Forms: Sole Proprietorship, Partnership, and Corporations |
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Term
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Definition
-venture undertaken by a single individual (2/3 of businesses are these)
Factors:
-Cost- disadvantage -Continuity- disadvantage (very attached to owner) -Control- advantage (only one decision maker) -Liability- disadvantage -Taxes- advantage (comparatively) |
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Term
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Definition
-venture undertaken by 2 or more people carrying on as co-owner of a business for profit **Written Agreement
Factors:
-Cost- advantage -Continuity- disadvantage (very attached to owners) -Control- disadvantage (split decision making) -Liability- disadvantage -Taxes- advantage (no double taxation) -Funding- advantage over sole because split |
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Term
Uniform Partnership Act
Ch20 |
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Definition
| states adopt this so if a partnership does not have a written agreement it provides that all partners are equal |
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Term
Fiduciary Duties of a Partnership
Ch20 |
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Definition
| 1. Partners serve the partnership business; 2. When a partner is in a partnership they need to act prudently; 3. If you obtain information that could affect partnership, then you must share it |
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Term
Dealing with Third Parties in a Partnership
Ch20 |
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Definition
| Act(s) of every partner in the scope of partnership business bind the partnership and the other partners -- Partnership Liability |
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Term
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Definition
| Transfer (complete profits to another person) is almost impossible; Assignment is when you can assign a relative to receive some of the profits |
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Term
Termination of a Partnership
Ch20 |
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Definition
| Dissolution - change in structure ie adding or changing a partner; Winding Up - liquidating assets, end business, pay debts |
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Term
Creditor Priority in Winding Up of Partnership
Ch20 |
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Definition
| 1. Outside Creditor; 2. Partnership Creditor; 3. Refund Partner Contributions; 4. Divide Profits |
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Term
Classes of Limited Partnership
Ch20 |
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Definition
| Limited (limited liability but no management decisions) and General (exposure to liability but control exists) |
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Term
Factors for Limited Partnership
Ch20 |
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Definition
| Same as partnerships except: Control for limited is disadv and for general is adv, Liability for limited is adv and for general is disadv |
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Term
Creation of Corporations
Ch20 |
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Definition
| Promoter develops idea and raises capital; Articles of Incorporation; File with Secretary of State's Office |
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Term
Articles of Incorporation for Corporations
Ch20 |
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Definition
| Have to have: name, number of authorized shares of stock (not issued), registered agent (receives legal documents), address of agent; Optional: purpose and duration |
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Term
Secretary of State's office for Corporations
Ch20 |
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Definition
| Issue certificate of Incorporation after filing Articles of Incorporation through this office. |
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Term
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Definition
Factors:
-Cost- disadvantage -Continuity- advantage (attached to shareholders) -Control- neither (left to management) -Liability- advantage -Taxes- disadvantage -Transferability- advantage |
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Term
Operating the Corporation
Ch20 |
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Definition
| Shareholders, Directors, Officers |
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Term
Shareholder of Corporation
Ch20 |
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Definition
| Elect and remove directors, amend articles, entitled to look at records; Preemptive Rights allow shareholder to purchase their proportionate fraction of newly issued shares of stock; Derivative Suit can be filled by shareholders on behalf of the corp against officers and directors |
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Term
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Definition
| Types: Inside (senior executive) and Outside -- They set corp policy, bi-laws, declaring dividends, determine officer/director pay |
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Term
Officers of Corporation
Ch20 |
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Definition
| are in charge of day-to-day running of corp and are appointed by directors, can conduct business on behalf of corp |
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Term
Fiduciary Duties within Corporations
Ch20 |
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Definition
| 1) Due Care/Due Diligence - act in good faith when doing business on behalf of corp; 2) Loyalty - don't steal or compete with corp; 3) Business Judgment Rule - protects officers/directors by prohibiting a court from second guessing corp decision-makers unless showing a fiduciary breach |
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Term
Respondent Superior for Corporation
Ch20 |
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Definition
"let the master answer"
corp is going to be responsible for the negative action of employees if commited within scope of their employment |
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Term
Dissolution of Corporation
Ch20 |
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Definition
| Voluntary - shareholders vote and agree to dissolve by filing Articles of Dissolution; Involuntary - court forces because shareholders may be stuck on a decision |
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Term
Capital Structure of Corporations
Ch20 |
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Definition
| Debt - can be good for a company and debt holders get first priority of repayment, Short term or Long term; Equity |
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Term
Equity in Capital Structure of Corporations
Ch20 |
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Definition
| Property Rights: Right to Participate in Earnings, Right to Participate in Control, Right to Participate in Assets upon Liquidation |
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Term
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Definition
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Term
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Definition
| Need to be approved by IRS; Single Taxation, Limited Liability, only 100 shareholders and one class of stock |
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Term
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Definition
| Limited Liability Company; owners are members, file Articles of Organization, sheild liability, taxed like partnership |
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Term
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Definition
| Limited Liability Partnership; limits non-responsible partners liability |
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