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LAW CH. 31 TERMS

  1. 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
  2. Proprietor
    owner of sole proprietorship
  3. Fictitious name registration statutes
    law requiring operator of business under assumed name to register with state
  4. Unlimited liability
    business debts payable from personal assets
  5. 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
  6. Partners
    member of a partnership
  7. 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
  8. 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
  9. Trading partnership
    one engaged in buying and selling
  10. Nontrading partnership
    one devoted to professional services
  11. 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
  12. 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
  13. 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
  14. Secret partner
    partner active but unknown to public

    • partner who participates in management of business but is not publicly known as a partner
  15. Dormant partner

    Sleeping partner
    partner unknown to public with no part in management
  16. 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
  17. 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
  18. 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
  19. 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
  20. Limited liability partnership
    registered partnership whose members run business but have limited liability
Author
lecaly
ID
112835
Card Set
LAW CH. 31 TERMS
Description
LAW CH. 31 TERMS
Updated

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