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19 Cards in this Set
- Front
- Back
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Sole Proprietorship, Partnership, Limited Liability partnership, Limited Partnership, Limited Partnership, Limited Liability Limited Partnership, Corporation, Limited Liability Company
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Typical forms of business
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Form of business with only one owner who makes all management decisions, owns all the profits and assumes great liability
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Sole Proprietor
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Form of business with two or more owners for profit. The owners have the right or make all the management decisions, assume personal liability for all the obligations of the business, all the debts of the business and the other owners
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Partnership
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A partnership where partners has no liability for most of this type of partnerships obligations, but retains unlimited liability for their own wrongful acts.
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Limited Liability Partnership (LLP)
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A form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). The limited partners have limited liability to the partnership, much like a shareholder of a corporation.
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Limited Partnership (LP)
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(True/False) If a limited partner in a limited partnership dies or leaves the company, the partnership dissolves if no other limited partner exists?
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FALSE
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(True/False) If a general partner in a limited partnership dies or leaves the company, the partnership may dissolve if there are no remaining general partners?
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TRUE
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A form of partnership identical to a limited partnership in its management and the rights and duties of its partners. However, both the limited partners and the general partners have no liability for most obligations except for full liability for torts.
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Limited Liability Limited Partnership (LLLP)
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A form of a company that is owned by shareholders who elect a board of directors to manage the business. The board then selects officers to run the company on the day-to-day affairs. Shareholders have limited liability for the obligations of the corporation.
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Corporation
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A corporation that is taxed nearly entirely like a partnership, has only one class of shareholders and not more than 100 shareholders only owned by individuals and trusts.
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S Corporation
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Similar to a business corporation, except shareholders can only be professionals holding the same type of license.
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Professional corporation
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A business form intended to combine the nontax advantages of corporations with the favorable treatment of partnerships. Members may manage their own company and have limited liability for the obligations of the company
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Limited Liability Company (LLC)
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An association of two or more persons to carry on as co-owners of a business for profit
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Partnership (Definition by RUPA)
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When a court is reluctant to call an arrangement a partnership because the purpose of the arrangement is not to establish an ongoing business involving many transactions; instead it is limited to a single project
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Joint Venture
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(1) A person purports to be or consents to being represented as a partner of another person or partnership. (2) A third party relies on the relies on the representation. (3) The third party transacts with the actual or purported partnership.
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Elements of a Purported Partnership
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Partners contribution of cash or other property to the partnership
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Partnership Capital
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A partners ownership interest, which embodies all a partner's rights in a partnership: (1) The partner's transferable interest. (2) The partner's management and other rights.
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Partnership Interest
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The only part of a partners interest that may be transferred or sold to any other person
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Transferable Interest
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An order charging all or part of a partner's transferable partnership interest with payment of the unsatisfied amount of the judgment. Obtained without the owners consent
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Charging Order
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