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B-Law Final Terms
An unincorporated business owned by one person
A company whose stock is not publicly traded.
An unincorporated association of two or more co-owners who operate a business for profit
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
A partnership in which the partners agree in advance how long it will last.
A partnership for a limited purpose
An unincorporated association run by trustees for the benefit of investors.
A group of individuals or businesses that join together to gain the advantages of volume purchases or sales.
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)
Stock that a company has sold, but later bought back
Owners have preference on dividends and also, typically, in liquidation
The official record of a corporation
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.
Long-term secured debt.
Long-term unsecured debt.
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.
In an agency relationship, the person for whom an agent is acting.
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.