Term
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Definition
| Most common, easy to create, no need to file anything, owner and business are the same, easy to transfer ownership pg.293 |
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Term
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Definition
lasts as long as partners want to work together. Jointly liable under contract of partnership. Tort the partners are jointly and severally Liable.
Must be (1) two or more persons (2) carrying on a business (3) as co-owners (4) for profit... The right to split losses and split profits defines a partnership |
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Term
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Definition
| General Partners, and Limited Partners. General manage the partnership, and limited is liable for what they put into the company. Limited can become general. It is formal. |
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Term
| Limited Liability Company (LLC) |
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Definition
| statute are designated in the state level. Good parts of both corporations/partnerships. |
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Term
| Limited Liability Partnership (LLP) |
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Definition
| Most must have malpractice insurance file, all partners are limited partners and there are no general partners. |
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Term
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Definition
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Term
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Definition
| advantageous (preference) |
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Term
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Definition
| long term corporate debt secured by assets |
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Term
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Definition
| not-secured long term debts |
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Term
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Definition
| short term, non-secured or secured |
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Term
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Definition
| how many they can put out |
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Term
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Definition
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Term
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Definition
| buyback stocks, stock can not vote |
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Term
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Definition
| amount (Issued - treasury stock) |
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Term
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Definition
| two corporations merge to form into 1 |
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Term
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Definition
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Term
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Definition
| buy other companies stock to soon own |
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Term
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Definition
| shareholder sues on behalf of corporation, |
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Term
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Definition
| have due care in the order of duty responsible for doing full investigation |
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Term
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Definition
| a relationship that results from consent by one person to another that the other shall act in his behalf under his control pg.651 |
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Term
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Definition
| say exactly what agency is about |
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Term
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Definition
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Term
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Definition
| loyalty, duty of performance, notify the principle of anything he learns, proper accounting so principle will pay him |
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Term
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Definition
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Term
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Definition
| Third party knows it is an agent, and he knows the principal |
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Term
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Definition
| Third party doesn't know there is an agency, and doesn't know agent or principal. Principal and Agent can be held responsible |
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Term
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Definition
| if he exceeded his authority or acted without authority then the agent becomes liable |
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Term
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Definition
covers you and your family at work if you get injured
- if you get WC then you cannot sue employer |
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Term
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Definition
children 14 (-) under could not work in any industry other than agriculture or entertainment
15 = nonhazardous
16 = unlimited hours - nonhazardous |
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Term
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Definition
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Term
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Definition
| a person who contracts with another who has nothing to do with the other person pg. 664 |
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Term
| Americans with Disabilities |
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Definition
| make reasonable accommodations |
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Term
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Definition
| Most complicated, limited liability, make article of incorporation, first thing the leaders must have is an organizational meeting to create the bylaws. None have personal liability, shareholders own corporation - common/preferred stock = (equity security) |
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Term
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Definition
| Right of a partner to be reimbursed for the actions of another partner. |
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Term
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Definition
| Fixed Duration partnership |
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Term
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Definition
| partnership with no fixed duration |
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Term
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Definition
| obedience, care, and loyalty to the corporation and shareholders. |
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Term
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Definition
| to subdue personal interests and pay attention to the corporation. |
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Term
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Definition
| honest mistakes made by officers. |
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Term
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Definition
| When someone makes it look like there is an actual agency, but this agency doesn't really exist. |
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Term
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Definition
| Information is assumed to go to the principal |
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Term
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Definition
| Agency is revealed, but not the principal. Both are responsible |
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Term
| Title 7 of the Civil Rights Act |
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Definition
| Eliminate discrimination based on race, color, national origin, sex, religion. |
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Term
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Definition
| all persons have the same right... to make and enforce contracts... as is enjoyed by white persons |
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