| A | B |
|---|
| partnership (general) | when two or more competent parties combine their money, labor and skills for the purpose of carrying on a lawful business. |
| 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. |
| share | a certain amount of money paid for each single unit of ownership owned |
| sole proprietorship | a form of business that is owned and operated by one person |
| Tenancy in partnership | means co-ownership of partnership property |
| Articles of incorporation | are an 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) |
| Uniform Partnership Act (UPA) | the law that governs most business associations of two or more persons. |
| Common stock | the 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 | are when 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. |
| Defacto corporation | does not exist in law but exists in fact |
| Dejure 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. |
| employer identification number | assigned by IRS for income tax purposes when employees are hired. |
| Fictitious name | when the proprietor uses any name but his/her own name (made-up). |
| joint liability | when all the owners of the business must be sued together in the event of a lawsuit. |
| unlimited liability | business owner is responsible for all losses experienced by the business. |
| alien | A corporation chartered in another nation doing business in the state is a _______ corporation. |
| Articles of Incorporation | are filed by the incorporators and serve as a corporation’s basic plan of operation. |
| Promoters | Persons who bring interested people together and take preliminary steps to form a corporation are called ________ |
| Public | corporation is established for governmental purpose. |
| foreign | A corporation that does business in one state but is chartered in another state is called a ________ corporation. |
| nonprofit | A ___________ corporation is organized for a social, charitable, or educational purpose |
| Incorporators | are the persons who sign Articles of Incorporation. |
| private | A corporation established for business or charitable reasons is called ________ |
| domestic | A corporation chartered in a particular state is a _________ corporation. |
| perpetual life | One major advantage of corporations is called _________ ______, which means the corporation can continue indefinitely with new owners. |
| shareholder | is a person who owns one or more shares of stock. |
| Preferred stock | a type of stock that entitles its owner to a stated dividend. |
| Liquidation | the ending of a corporation |
| merger | the process by which one corporation blends into another existing corporation |
