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BL 5.01 Vocabulary

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 estoppeloccurs because someone does or says something that leads a third party to believe that a co-ownership exists.
partnership by proof of existencethe way two people conduct their business together.
sharea certain amount of money paid for each single unit of ownership owned
sole proprietorshipa form of business that is owned and operated by one person
Tenancy in partnershipmeans co-ownership of partnership property
Articles of incorporationare an application form from the secretary of state’s office filed for incorporating a business.
Articles of partnershipa 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 stockthe basic form of corporate ownership payable to shareholders as dividends at par or no-par value.
corporationa legal entity that is treated as an artificial person by the law with limited liability of owners.
Corporation by estoppelare 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 corporationdoes not exist in law but exists in fact
Dejure corporationlawfully exists after all formalities have been completed.
Dissolutionchange in the relationship of the owners that occurs when one owner stops being associated with the business.
dividendprofit paid through common stock to the shareholders, based on the corporation’s performance.
employer identification numberassigned by IRS for income tax purposes when employees are hired.
Fictitious namewhen the proprietor uses any name but his/her own name (made-up).
joint liabilitywhen all the owners of the business must be sued together in the event of a lawsuit.
unlimited liabilitybusiness owner is responsible for all losses experienced by the business.
alienA corporation chartered in another nation doing business in the state is a _______ corporation.
Articles of Incorporationare filed by the incorporators and serve as a corporation’s basic plan of operation.
PromotersPersons who bring interested people together and take preliminary steps to form a corporation are called ________
Publiccorporation is established for governmental purpose.
foreignA corporation that does business in one state but is chartered in another state is called a ________ corporation.
nonprofitA ___________ corporation is organized for a social, charitable, or educational purpose
Incorporatorsare the persons who sign Articles of Incorporation.
privateA corporation established for business or charitable reasons is called ________
domesticA corporation chartered in a particular state is a _________ corporation.
perpetual lifeOne major advantage of corporations is called _________ ______, which means the corporation can continue indefinitely with new owners.
shareholderis a person who owns one or more shares of stock.
Preferred stocka type of stock that entitles its owner to a stated dividend.
Liquidationthe ending of a corporation
mergerthe process by which one corporation blends into another existing corporation

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