Term
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Definition
| A partnership of at least one general partner and one or more limited partners. The limited partners' liability is limited to their investments so long as they do not participate in management decisions. |
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Term
UNIFORM PARTNERSHIP ACT
(UPA) |
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Definition
| Known as a gap filler, the UPA comes into play only if terms are left out of a partnership agreement. |
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Term
| Three-part test to see if a partnership exists |
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Definition
1. common ownership
2. a sharing of the profits and losses, AND
3. a shared right to management. |
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Term
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Definition
| A partnership created by the words or actions of persons acting as though they were a partnership. |
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Term
| Piercing the coprorate veil |
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Definition
| When a court sets aside the unlimited liability protection normally given to corporate shareholders. |
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Term
| Limited Liability Company |
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Definition
| A new form of business ownership that gives small business the advantage of liability limited to the amount of the owner's investment along with single taxation. |
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Term
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Definition
| Commercial paper that can be transferred by indorsement or delivery |
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Term
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Definition
| Gives the creditor rights against the debtor. The creditor must possess the collateral or have a signed security agreement, have given something of value, and the debtor must have rights in the collateral. |
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Term
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Definition
| Gives the creditor rights ahead of other creditors. The creditor must first be attached and then possess the collateral, or file a financing statement, or give money to purchase consumer goods. |
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Term
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Definition
| Someone who has the power to act in the place of another. |
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Term
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Definition
| A person who permists or directs another person to act on the principal's behalf. |
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Term
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Definition
| A legally imposed obligation to act in the best interests of the party to whom the duty is owed. |
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Term
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Definition
| The tort theory that an employer can be sued for the negligent acts of its employees |
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Term
BONA FIDE OCCUPATIONAL QUALIFICATION
BFQQ |
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Definition
| A defense to an overt discrimination claim, alleging that the qualification is necessary to the essence ofthe business operation |
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Term
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Definition
| The legal theory applied when a rejected applicant claims the reason for rejection was based on a discriminatory intent but the employer alleges a nondiscriminatory reason. |
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