Busi-18 Vocab

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  1. Parntership
    A voluntary association between two or more people who co-own a business for profit.
  2. Legal entity
    Any individual, proprietorship, partnership, corporation, association, or other orgazization that has, in the eyes of the law, the capacity to form an agreement and the ability to assume an obligation and to discharge an indebtedness.
  3. Articles of partnership
    The written agreement that creates a partnership
  4. Right of survivorship
    The right that specific partnership property will pass on to the surviving partners.
  5. Charging order
    An order that entitles a creditor to collect a partner's profits
  6. Accounting
    A review and listing of all partnership assets and/or profit
  7. Jointly liable
    A term applied to partners who share liability for the partnerships debts
  8. Joint and several liability
    A type of liability in which a third party can choose to sue the partners separately or to sue all partners jointly in one action.
  9. Dissolution
    The change in the relation of partners caused by any partner's ceasing to be associated with the carrying on of the bussiness.
  10. Rightfully dissolved
    A term applied to the dissolution of a partnership that does not violate its partnership agreement.
  11. Wrongful dissolution
    A dissolution of a partnership in violation of its partnership agreement
  12. Winding up
    The process of completing unfinished partnership business
  13. Limited partnership 
    A partnership consisting of at least one general partner and at least one limited partner in which the general partners assume all liability for the partnership's debts and the limited partners assume no liability beyond their originally invested capital.
  14. Certificate of limited partnership
    A document signed on the formation of a limited partnership and filed with the secretary of state
Card Set:
Busi-18 Vocab
2012-12-17 18:36:26
Busi 18

Ch. 21
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