Officers and/or directors of a corporation will not breach their fiduciary duty of care by simply making a poor business decision. Rather their action must be negligent to breach the duty of care.
the assumed corporation form unless party affirmatively selects S corporation status. The typical form for large publicly traded companies subject to double taxation. Generally, no personal liability for sharesholders.
When a partner is no longer affiliated with the partnership.
The process of ending a partnership
An association of 2 or more persons to carry on a business as co-owners for profit. Partners have unlimited personal liability.
An association of 2 or more persons/entities engaged in a business for a specific purpose
Limited Liability Partnership (LLP)
A general partnership that affords its partners limited liability from the actions of the other partners.
Limited Liability Company (LLC)
A business entity that is run primarily like a partnership, but affords its members (owners) limited liability.
In a limited partnership this partner has no personal liability; however, the limited partner is not allowed to participate in running of the business.
A partnership with 2 types of partners; general and limited. General partners have unlimited liability; limited partners have no personal liability.
The partner's right to profits. This is freely transferable. Contrast this with the ownership interest, the right to be a partner, which can only be transferred with the consent of all the other partners.
A type of corporation which must be affirmatively elected by the organizers. Taxed like a partnership, but the shareholers have no personal liability.
One-owner business, owner has unlimited liability.
An action that goes beyond the power or the authority of the corporation. Such actions violate the fiduciary duty of obedience.