Term
| Limited Liability Comapnies |
|
Definition
| Hybrid of limited liability of a corporation and tax advantages of a partnership; separate from owners; |
|
|
Term
|
Definition
| loss of right to participate in management |
|
|
Term
|
Definition
| liquidation of the company |
|
|
Term
|
Definition
| : two or more entities agree to share capital, technology, human resources, risks and rewards in a formation of a new entity under shared control for a single transaction or project |
|
|
Term
| True or false, JVs are taxed just like partnerships |
|
Definition
|
|
Term
| What are the elements of a joint venture |
|
Definition
(1) a contract to engage in a common undertaking;
(2) a contribution of money, property, time, or skill;
(3) an interest in, and mutual right to control, venture property; and
(4) an agreement to share profits. |
|
|
Term
| Management of an LLC takes place by way of two potential ways for managing |
|
Definition
Member- Managed
Manager- Managed |
|
|
Term
|
Definition
| All members participate in mangement like a partnership |
|
|
Term
|
Definition
| members are elected for management |
|
|
