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BUS law 265 unit 13 business organizations
Terms in this set (26)
what is a sole proprietorship?
one person, has all the liability, hard to raise capital
what is a general partnership?
2 or more owners who agree to do business together, the agreement can be expressed or implied, joint and several liability
what is joint and several liability?
you can lose all your assets
what is a limited partnership?
based on an agreement, at least 2 people, one is a limited partner and the other is a general partner, need a written express agreement to create this LP, limited partner can only lose investment
personal service firm, learned professionals such as doctors lawyers and accountants etc, purpose is to protect from malpractice
hybrid, owners can only lose investments
what is a phantom income?
when a partnership makes more money than they distributed
what kind of corporation exists when stock is not traded on a stock exchange?
a privately held corporation
when a stock is owned by a family and has a limited number of shareholders?
a corporation operating in the same state the corporation is located in?
a corporation operating in a country other than the country of origin?
what kind of corporation deals with facts?
a defacto corporation
what does de jure mean?
dealing with the law
who owns a corporation?
what is the board of a corporation responsible for?
the overall management
who does the board of directors appoint?
officers and managers
who is in charge of the day to day operations in a corporation?
officers and managers
the abbreviations inc. co. company. and corp refer to?
what do shareholders contribute?
what is a fiduciary?
a person in charge of trust
what does reasonable supervision mean?
when someone takes reasonable steps to know what is going on
what is a conflict of interest?
when you could personally benefit or profit from the outcome of a decision
if you dont disclose a confilct of interest what could happen to you?
you could be personally sued by the shareholders
shareholders didnt put enough money into the corporation
co mingling means?
having a mixture of personal and business
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