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27 Cards in this Set

  • Front
  • Back

Sole or individual proprietorship:

form of business ownership in which one individual owns the business


: pooling of capital resources and the business or professional talents of two or more individual (Partners) with the goal of making a profit.

Limited Liability Partnership (LLP):

partnership in which at least one partner has a liability limited to the loss of the capital contribution made

Limited Liability Company (LLC)

a partnership for federal tax treatment and the limited liability feature of the corporate form of business organization


artificial being created by government grant, which for many purposes is treated as a natural person.

Join venture

relationship in which two or more persons or firms combine their labor or property for a single undertaking and share profits and losses equally unless otherwise agreed


privilege or authorization, generally exclusive, to engage in a particular activity within a particular geographic area, such as a government franchise to operate a taxi company whit in a specified city or a private franchise as the grant by a manufacturer of a right to sell product with in a particular territory or for a particular number of years


party granting the franchise


: person to whom franchise is granted

Franchise Agreement

sets forth rights of franchisee to use trademarks, etc., of franchise


mark that identifies a product

Trade name

mark that identifies a product

Trade dress

products total image including its overall packaging look.

Trade secret

formula device, or compilation of information that is used in one’s business and is of such a nature that it provides an advantage over competitors who do not have the information

Franchise Rule

FTC rule requiring detailed disclosures and prohibiting certain practices.


pooling of capital resources and the business or professional talents of two or more individuals with the goal of making a profit

General Partnership

partnership in which the partners conduct as co-owners a business of profit, and each partner has a right to take part in the management of the business and has unlimited liability


one of two or more persons who jointly own and carry on a business for profit

General partners

partners who publicly and actively engage in the transaction of firm business

Unincorporated association

combination of two or more persons for the furtherance of a common nonprofit purpose

Partnership agreement

document prepared to evidence the contract of the parties (Parties – partners or general partners)

Tenancy in partnership

ownership relationship that exists between partners under the Uniform Partnership Act.

Charging order

order by a court, after a business partner’s personal assets are exhausted, requiring that the partner’s share of the profits be paid to a creditor until the debts is discharged

Express authority

authority of an agent to perform a certain act

Joint liability

apportions partner’s responsibility for partnership debt equally

Joint and several liabilities

disproportionate satisfaction of partnership debt rendering each partner liable for the entire debt with the right to contribution from other partners.

Operation of law

attaching of certain consequences to certain facts because of legal principles that operate automatically, as contrasted with consequences that arise because of the voluntary action of a party designed to create those consequences.