The flashcards below were created by user
lecaly
on FreezingBlue Flashcards.
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Sole proprietorship
business owned and carred on by one person
business that is owned and operated by one owner
an owner's financial interest in a business
a business owned by one person who is subject to claims of creditors
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Proprietor
owner of sole proprietorship
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Fictitious name registration statutes
law requiring operator of business under assumed name to register with state
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Unlimited liability
business debts payable from personal assets
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Partnership
association of two or more people to carry on business for profit
the voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit
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Partners
member of a partnership
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Ordinary partnership
General partnership
partnership with no limitation on rights and duties of partners
partnership formed to carry on a business for profit without limits on partners' rights or duties
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Limited partnership
partnership with partner whose liability is limited to capital contribution and who is not viewed as an active business manager
partnership composed of at least one general partner and one limited partner
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Trading partnership
one engaged in buying and selling
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Nontrading partnership
one devoted to professional services
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General partner
partner actively and openly engaged in business
partner who participates in management of business and is known to the public as a partner
those individuals actively and openly engaged in the bsuiness nad held out to everyone as a partner
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Silent partner
partner who takes no part in firm
partner who does not participate in management of business but is perhaps known as a partner
- an individual who takes no active part in the management of a partnership, but has capital invested in the business
- partner who takes no active part in the management of a firm, whether known to the public or not
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Limited partner
partner who takes no active part in management and whom the public knowns as a partner
partner who is known to the public as a partner, who does not participate in management of the business, and whose liability is limited to capital contributions
parnters who have their liability for the firm's debts limited to the amount of their investments
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Secret partner
partner active but unknown to public
- partner who participates in management of business but is not publicly known as a partner
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Dormant partner
Sleeping partner
partner unknown to public with no part in management
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Nominal partner
person who pretends to be a partner or permits others to represent him or her as a partner
person who is falsely held out as being a partner
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Joint-Stock company
entity that issues shares of stock, but investors have unlimited liability
association where the stock shares are transferable and control is delegated to a group or board
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Joint venture
business relationship similar to partnership, except existing for single transaction only
business relationship similar to a partnership that is formed to carry out a specific transaction
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Limited liability company
partnership-type organization but with limited liability
newest form of business ownership recognized in the U.S.
combines features of both a corporation and partnership
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Limited liability partnership
registered partnership whose members run business but have limited liability
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