| A | B |
|---|
| alien | 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 | a partnership agreement usually express (may be written or oral) |
| common stock | basic form of corporate ownership payable to shareholders as dividends at par or no-par value |
| corporation | a legal entity that is treated as an artificial person by the law. with limited liability of owners.. |
| 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 |
| de facto corporation | does not exist in law but exists in fact |
| de jure corporation | – lawfully exists after all formalities have been completed |
| dissolution | change in the relationship of the owners that occurs when one owner stops being associated with the business |
| dividend | profit paid through common stock to the shareholders, based on the corporation’s performance |
| domestic | a corporation chartered in a particular state |
| dormant partner | is one who is neither known to the public as a partner or active in management |
| employer identification number | assigned by IRS for income tax purposes when employees are hired |
| fictitious name | proprietor uses any name but his/her own name (made-up) |
| foreign | a corporation that does business in one state but is chartered in another state |
| general partnership | one which all the partners assume full personal liability for debts of the firm |
| incorporators | signors of the Articles of Incorporation |
| joint liability | all the owners of the business must be sued together in the event of a lawsuit |
| joint venture | partnership in which one or more persons or firms combine their resources to complete one complex project |
| liquidation | the ending of a corporation |
| merger | the process by which one corporation blends into another existing corporation |
| nonprofit | a corporation organized for a social, charitable, or educational purpose |
| partnership by estoppel | occurs because someone does or says something that leads a third party to believe that a co-ownership exists |
| partnership by proof of existence | the way two people conduct their business together |
| partnership (general) | two or more competent parties combine their money, labor and skills for the purpose of carrying on a lawful business |
| perpetual life | one major advantage of corporations, which means the corporation can continue indefinitely with new owners |
| preferred stock | a type of stock that entitles its owner to a stated dividend |
| private | a corporation established for business or charitable reasons |
| promoter | person who carries out the incorporation process and is personally liable for contracts entered into before the corporation is formed |
| public | a corporation established for governmental purpose |
| secret partner | one who is not known to the public as a partner yet participates in management |
| share | certain amount of money paid for each single unit of ownership owned |
| shareholder | a person who owns one or more shares of stock |
| silent partner | one who may be known to the public as a partner but takes no active part in management |
| sole proprietorship | a form of business that is owned and operated by one person |
| Tenancy in partnership | a co-ownership of partnership property |
| termination | ending of a partnership |
| Uniform Partnership Act (UPA) | the law that governs most business associations of two or more |
| unlimited liability | business owner is responsible for all losses experienced by the business |
