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34 Cards in this Set
- Front
- Back
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Sole proprietorship
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Business owned and operated by one person
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Pass-through tax status
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The tax status in which all income is passed through to individuals or partners who pay at their individual rates
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General Partnership
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Business co-owned by two or more persons
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Limited partnership
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Business created under a state statue in which some partners have limited liability
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Registered limited liability partnership
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Business entity providing limited liability for its partners. Partners not liable for torts or misconduct
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Business corporation
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Legal entity existing under the authority of the state legislature
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Limited liability company
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Business providing limited liability and pass-through tax status for its members
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Business corporation
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Legal entity existing under the authority of the state legislature
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Professional corporation
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Corporation formed by professionals
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S corporation
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Corporation that passes through all income to its shareholders, who pay tax on income received
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Close corporation
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Small corporation whose shareholders are active in managing the business and that operates informally
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Agent
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One who acts for or represents another
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Principal
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The person for whom an agent acts
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Express agency
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An agency agreement, written or oral
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Implied agency
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An agency relationship in which there is no express agreement, but the parties' words, conduct, or prior dealings show the existence of their agency relationship
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Agency by estoppel
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An agency arising from act that lead others to believe an agency relationship exists
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Express authority
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Actual authority granted by one to another, whether in writing or orally
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Power of attorney
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The authority to act for another
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Special power of attorney or agency
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Authority to act for another only as to specifically authorized matters
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General power of attorney or agency
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Authority to act for another as to any matter
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Subagent
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An agent appointed by another agent
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Equal dignities rule
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Rule that if an agreement must be in writing, then agent's authority to act in regard to the agreement must also be in writing
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Implied authority
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Power to perform acts customarily performed by an agent
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Apparent authority
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Authority that arises through words or conduct of principal leading others to believe agent has authority to act for principal
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Ratification
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Acceptance of an act; may be express or implied
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Fiduciary duties
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Duty to act in utmost good faith and fair dealing
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Retainer
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Money paid in advance for services to be rendered
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Tort
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A civil wrong
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Respondeat superior
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Liability imposed on employers for acts of employees
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Vicarious libility
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Liability imposed on one for another's acts, without regard to actual fault
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Independent contractor
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Individuals performing services for antoher who are not employees and who exercise independent discretion and control over their own actions
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Disclosed principal
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A principal whose existence and identity are known to others
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Partially disclosed principal
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A principal whose existence but not specific identity is known to others
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Undisclosed principal
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A principal whose existence and identity are unknown to others
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