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37 Cards in this Set
- Front
- Back
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alien
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a corporation chartered in another nation doing business in the state.
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articles of incorporation
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application form from the secretary of state’s office filed for incorporating a business.
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articles of partnership
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a partnership agreement usually express (may be written or oral)
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common stock
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basic form of corporate ownership payable to shareholders as dividends at par or no-par value.
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corporation
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a legal entity that is treated as an artificial person by the law. with limited liability of owners..
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corporation by estoppel
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courts will not allow denial of existence of a corporation when a situation of some party’s willingness to treat a person as a corporation occurs.
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de facto corporation
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does not exist in law but exists in fact.
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dissolution
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change in the relationship of the owners that occurs when one owner stops being associated with the business.
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dividend
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profit paid through common stock to the shareholders, based on the corporation’s performance.
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domestic
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a corporation chartered in a particular state.
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dormant partner
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is one who is neither known to the public as a partner or active in management.
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employer identification number
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assigned by IRS for income tax purposes when employees are hired.
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fictitious name
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proprietor uses any name but his/her own name (made-up).
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foreign
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a corporation that does business in one state but is chartered in another state.
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general partnership
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one which all the partners assume full personal liability for debts of the firm.
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incorporators
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signors of the Articles of Incorporation.
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joint liability
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all the owners of the business must be sued together in the event of a lawsuit.
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joint venture
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partnership in which one or more persons or firms combine their resources to complete one complex project.
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liquidation
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the ending of a corporation.
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merger
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the process by which one corporation blends into another existing corporation.
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nonprofit
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a corporation organized for a social, charitable, or educational purpose.
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partnership by estoppel
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– occurs because someone does or says something that leads a third party to believe that a co-ownership exists.
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partnership by proof of existence
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– the way two people conduct their business together.
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partnership (general)
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– two or more competent parties combine their money, labor and skills for the purpose of carrying on a lawful business.
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perpetual life
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—one major advantage of corporations, which means the corporation can continue indefinitely with new owners.
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preferred stock
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—a type of stock that entitles its owner to a stated dividend.
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private—
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a corporation established for business or charitable reasons
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promoter
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– person who carries out the incorporation process and is personally liable for contracts entered into before the corporation is formed
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public
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—a corporation established for governmental purpose.
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secret partner—one who is not known to the public as a partner yet participates in management.
silent partner |
—one who may be known to the public as a partner but takes no active part in management.
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shareholder
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—a person who owns one or more shares of stock.
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share
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– certain amount of money paid for each single unit of ownership owned.
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sole proprietorship
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a form of business that is owned and operated by one person
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Tenancy in partnership
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—a co-ownership of partnership property.
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termination
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—ending of a partnership
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Uniform Partnership Act (UPA)
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– the law that governs most business associations of two or more
persons. |
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unlimited liability –
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business owner is responsible for all losses experienced by the business.
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