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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 |
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Partnership |
: pooling of capital resources and the business or professional talents of two or more individual (Partners) with the goal of making a profit. |
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Limited Liability Partnership (LLP): |
partnership in which at least one partner has a liability limited to the loss of the capital contribution made |
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Limited Liability Company (LLC) |
a partnership for federal tax treatment and the limited liability feature of the corporate form of business organization
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Corporation |
artificial being created by government grant, which for many purposes is treated as a natural person. |
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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 |
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Franchise: |
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 |
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Franchisor |
party granting the franchise |
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Franchisee |
: person to whom franchise is granted |
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Franchise Agreement |
sets forth rights of franchisee to use trademarks, etc., of franchise |
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Trademark |
mark that identifies a product |
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Trade name |
mark that identifies a product |
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Trade dress |
products total image including its overall packaging look. |
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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 |
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Franchise Rule |
FTC rule requiring detailed disclosures and prohibiting certain practices. |
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Partnership: |
pooling of capital resources and the business or professional talents of two or more individuals with the goal of making a profit
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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
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Partner |
one of two or more persons who jointly own and carry on a business for profit |
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General partners |
partners who publicly and actively engage in the transaction of firm business |
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Unincorporated association |
combination of two or more persons for the furtherance of a common nonprofit purpose |
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Partnership agreement |
document prepared to evidence the contract of the parties (Parties – partners or general partners) |
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Tenancy in partnership |
ownership relationship that exists between partners under the Uniform Partnership Act. |
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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 |
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Express authority |
authority of an agent to perform a certain act |
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Joint liability |
apportions partner’s responsibility for partnership debt equally
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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. |
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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. |