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7 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Buy-sell agreement |
An agreement between partners that defines how one partner can buy out the interest of the other partner |
AKA buyout agreement |
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Fiduciary duty |
The duty to act honestly, in good Faith, and in the best interest of someone or something |
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Insolvent |
An entity that is unable to meet its financial obligations as they become due |
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Joint and several liability |
State in which (1) each partner is fully liable for the fill amount of a creditor's claim or debt, and (2) the partner who pays the full amount can claim against the other partner for the other's share of the claim or debt |
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Joint liability |
Each partner is fully liable for the full amount of the partnership's debts or of claims against the partnership |
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Partnership agreement |
An agreement between partners that defines the terms if their relationship |
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Silent partner |
Someone who contributes money or property to a firm but takes no part in its management or day-to-day business |
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