business law
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Business Law. 5.01 Vocabulary. Alien Corporation. A corporation chartered in another nation doing business in the state. Articles of Incorporation. application form from the secretary of state’s office filed for incorporating a business. Articles of Partnership. - PowerPoint PPT PresentationTRANSCRIPT
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Business Law
5.01 Vocabulary
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Alien Corporation
A corporation chartered in another nationnation doing business in the statestate.
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Articles of Incorporation
application form from the secretary of state’s office filed for incorporatingincorporating a business.
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Articles of Partnership
a partnership agreement usually expressexpress (may be written or oral)
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Common Stock
basic form of corporate ownershipownership payable to shareholders as dividendsdividends at par or no-par value.
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Corporation- a legal entityentity that is treated as an artificialartificial personperson by the law. with limitedlimited liabilityliability of owners
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Corporation by Estoppel
courts will not allow denialdenial of existence of a corporation when a situation of some party’s willingness to treattreat a person as a corporation occurs.
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de facto corporation
– does not exist in lawlaw but exists in factfact.
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de jure corporation
lawfully exists after all formalitiesformalities have been completed.
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Dissolution– changechange in the relationship of the owners that occurs when one owner stopsstops beingbeing associatedassociated with the business.
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Dividend
– profitprofit paid through common stock to the shareholders, based on the corporation’s performanceperformance.
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Domestic Corporation—a corporation chartered in a particular statestate.
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dormant partner
—is one who is neither knownknown to the public as a partner or activeactive in management.
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employer identification number
– assigned by IRSIRS for income taxtax purposes when employees are hiredhired.
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fictitious name
– proprietor uses any name but his/her ownown namename (made-up).
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Foreign—a corporation that doesdoes businessbusiness in one state but is charteredchartered in another state.
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general partnership
—one which all the partners assume full personalpersonal liabilityliability for debts of the firm.
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Incorporators—signorssignors of the Articles of Incorporation.
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joint liability
–all the owners of the business must be suedsued togethertogether in the event of a lawsuit.
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joint venture—partnership in which one or more persons or firms combinecombine their resources to complete oneone complexcomplex projectproject.
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Liquidation
—the endingending of a corporation.
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Merger
— the process by which one corporation blendsblends into another existing corporation.
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Nonprofit
—a corporation organized for a socialsocial, charitablecharitable, or educationaleducational purpose.
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partnership by estoppel– occurs because someone does or says something that leadsleads a thirdthird partyparty to believe that a co-co-ownershipownership exists.
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partnership by proof of existence
– the way twotwo people conduct their business together.
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partnership (general)
– two or more competent parties combinecombine their moneymoney, laborlabor and skillsskills for the purpose of carrying on a lawful business.
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perpetual life
—one major advantage of corporations, which means the corporationcorporation can continue indefinitelyindefinitely with new owners.
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preferred stock—a type of stock that entitles its owner to a statedstated dividend.
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Private
—a corporation established for businessbusiness or charitablecharitable reasons.
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Promoter
– person who carries out the incorporationincorporation processprocess and is personally liableliable for contracts entered into before the corporation is formed.
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Public
—a corporation established for governmentalgovernmental purpose.
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secret partner
—one who is not known to the publicpublic as a partner yet participates in managementmanagement.
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Share
– certain amount of moneymoney paidpaid for each single unitunit of ownershipownership owned.
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Shareholder
—a person who ownsowns one or more sharesshares of stock.
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silent partner
—one who may be knownknown to the public as a partner but takes nono activeactive partpart in management.
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sole proprietorship
– a form of business that is owned and operated by oneone person
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Tenancy in partnership
—a co-ownershipco-ownership of partnership property.
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Termination
—endingending of a partnership.
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Uniform Partnership Act
(UPA) – the lawlaw that governs most business associations of twotwo or moremore persons.
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unlimited liability
– business owner is responsibleresponsible for allall losseslosses experienced by the business.