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8 Cards in this Set
- Front
- Back
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Define the term Community Property.
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Husband/wife own ½ interest of all property acquired during marriage (regardless who holds legal title)
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Property is considered Separate Property if...
(2) |
1) Owned prior to marriage
2) Acquired alone during marriage (gift/inheritance) |
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What is a Partnership?
What are the (2) types of partnerships? |
- Combined business efforts of 2+ people
- General/Limited Partnerships |
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The _____ is responsible for the creation/operation of General Partnerships.
Who is liable in a General Partnership? How is interest conveyed? |
- Uniform Partnership Act
- Each partner is jointly/severally liable (both financial, managerial obligations) - One partner cannot obligate others to sell, mortgage, lease, etc. without consent |
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How is a Limited Partnership constructed?
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- 1 General Partner, 1 Limited Partner (at least both)
- Limited: liable only for $$ invested; no management involvement |
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What is the purpose of a Joint Venture?
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- formed to complete a particular business project (or venture) with no intent to establish a permanent relationship
- Can be either general or limited |
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Regarding a Limited Liability Company (LLC), who is in charge of managing and who is liable?
Ownership of an LLC is ___ property. Unlike a corporation, an LLC is ____. |
- ALL member manage; no one personally liable
- personal - not perpetual. |
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An LLC may be dissolved by...
(3) |
1) Agreement on predetermined time.
2) Agreement on fulfillment of events. 3) Judicial dissolution by a member. |
