types of business ownership vocabulary business law obj. 5.01 click here to start
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• Alien• Corporation• Dissolution• Dividend• Domestic• Foreign• Incorporators• Liquidation• Shareholder
• Termination• Merger• Nonprofit• Partnership• Private• Promoter• Public• Share
More Vocabulary
Corporation
• a legal entity that is treated as an artificial person by the law. with limited liability of owners.
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Dissolution
• change in the relationship of the owners that occurs when one owner stops being associated with the business.
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Dividend
• profit paid through common stock to the shareholders, based on the corporation’s performance.
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Partnership
• two or more competent parties combine their money, labor and skills for the purpose of carrying on a lawful business.
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Promoter
• person who carries out the incorporation process and is personally liable for contracts entered into before the corporation is formed.
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• Common Stock
• Dormant Partner
• Fictitious Name
• General Partnership
• Joint Liability
• Joint Venture
• Perpetual Life
• Preferred Stock
• Secret Partner
• Silent Partner
• Sole Proprietorship
• Unlimited Liability
More Vocabulary
Common Stock
• basic form of corporate ownership payable to shareholders as dividends at par or no-par value.
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Dormant Partner
• is one who is neither known to the public as a partner or active in management.
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General Partnership
• one which all the partners assume full personal liability for debts of the firm.
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Joint Liability
• all the owners of the business must be sued together in the event of a lawsuit.
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Joint Venture
• partnership in which one or more persons or firms combine their resources to complete one complex project.
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Perpetual Life
• one major advantage of corporations, which means the corporation can continue indefinitely with new owners.
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Secret Partner
• one who is not known to the public as a partner yet participates in management.
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Silent Partner
• one who may be known to the public as a partner but takes no active part in management.
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Unlimited Liability
• business owner is responsible for all losses experienced by the business.
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• Articles of Incorporation
• Articles of Partnership
• Corporation by Estoppel
• De Facto Corporation
• Employer Identification Number
• De Jure Corporation
• Partnership by Estoppel
• Partnership by Proof of Existence
• Tenancy in Partnership
• Uniform Partnership Act (UPA)More Vocabulary
Articles of Incorporation
• application form from the secretary of state’s office filed for incorporating a business.
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Corporation by Estoppel
• courts will not allow denial of existence of a corporation when a situation of some party’s willingness to treat a person as a corporation occurs.
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Employer Identification Number
• assigned by IRS for income tax purposes when employees are hired.
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Partnership by Estoppel
• occurs because someone does or says something that leads a third party to believe that a co-ownership exists.
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