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13 Cards in this Set

  • Front
  • Back
A corporation with a small number of shareholders. Its stock is not publicly traded.
Close corporation
A __________ occurs when a partner leaves a partnership.
An arrangement in which the franchisee buys from a franchiser the right to establish a business using the franchiser's trade name and selling the franchiser's products. Typically the franchiser also trains the franchisee in the proper operation of the business.
A tort. It can be the intentional infliction of emotional distress, meaning that the defendant behaved outrageously and deliberately caused the plaintiff severe psychological injury, or it can be the negligent infliction of emotional distress, meaning that the defendant's conduct violated the rules of negligence.
Infliction of emotional distress
A partnership for a limited purpose
Joint venture
An organization that has the limited liability of a corporation but is not a taxable entity.
Limited liability company
In a ___________________, the general partner is not personally liable for the debts of the partnership.
Limited liability limited partnership
An association of two or more persons to carry on as co-owners of a business for profit.
A partnership that has no fixed duration. A partner has the right to resign from the partnership at any time.
Partnership at will
If a person who is not a partner implies that he is a partner or does not object when other people imply it, he is liable as if he really were a partner.
Partnership by estoppel
A form of organization that permits professionals (such as doctors, lawyers, and accountants) to incorporate. Shareholders are not personally liable for the torts of other shareholders or for the contract debts of the organization.
Professional corporation (PC)
A corporation that is not a taxable entity
S corporation
When the partners agree in advance on the duration of a partnership
Term partnership