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23 terms

B-Law Final Terms

Naylor
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Sole Proprietorship
An unincorporated business owned by one person
Close Corporation
A company whose stock is not publicly traded.
Partnership
An unincorporated association of two or more co-owners who operate a business for profit
Dissociation
When a partner leaves the partnership
Partnership at will
A partnership with no fixed duration. Any of the partners may leave at any time, for any reason
Term partnership
A partnership in which the partners agree in advance how long it will last.
Joint venture
A partnership for a limited purpose
Business trust
An unincorporated association run by trustees for the benefit of investors.
cooperative
A group of individuals or businesses that join together to gain the advantages of volume purchases or sales.
Novation
a new contract with different parties
Authorized and unissued
Stock that has been authorized, but not yet sold
Authorized and issued
Stock that has been authorized and sold (another word for it is outstanding)
Treasury stock
Stock that a company has sold, but later bought back
Preferred Stock
Owners have preference on dividends and also, typically, in liquidation
Minute Book
The official record of a corporation
Bylaws
A document that specifies the orgainizational rules of a corporation or other organization (such as the date of the annual meeting and the required number of directors.
Bonds
Long-term secured debt.
Debentures
Long-term unsecured debt.
Notes
When issued by a company, short-term debt, typically payable within five years.
Pierce the corporate veil
A court holds shareholders personally liable for the debts of the corporation.
Principal
In an agency relationship, the person for whom an agent is acting.
Agent
In an agency relationship, the person who is acting on behalf of a principal.
Equal dignities rule
If an agent is empowered to enter into a contract that must be in writing, then the appointment of the agent must also be written.