legal environment of business chapter 17
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards1/11
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
12 Terms
limited liability company (LLC)
a hybrid form of business enterprise that offers the limited liability of a corporation & the tax advantages of a partnership
members
a person who has ownership interest in a limited liability company
articles of organization
the document that is filed with the appropriate state offical, usually the secretary of state, when a limited liability company is formed
operating agreement
an agreement in which the members of a limited liability company set forth the details of how the business will be managed & operated
family limited liabilty partnership (FLLP)
a limited liability partnership (LLP) in which the majority of the partners are members of a family
limited partnership (LP)
a partnership consisting of one or more general partners & one or more limited partners
limited liability partnership (LLP
a hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. an LLP is passthrough entity for tax purposes, but a partners personal liabilty for the malpractice of other partners is limited
general partner
in a limited partnership, a partner who assumes responsibility for the managaement of the partnership & has full liability for all partnership debts
limited partners
in a limited partnership, a partner who contributed capital to the partnership but has no right to participate in its management & has no liability for partnership debts beyond the amount of her or his investment
cerificate of limited partnership
the document that must be filed with a designated state official to form a limited partnership
limited partner
in a limited partnership, a partner who contributed capital to the partnership but has no right to participagte in its management & has no liability for partnership debts beyond the amount of her or his investment
limited liability limited partnership (LLLP)
a type of limited partnership in which the liability of the general partner is the same as the liability of the limited partners - that is, the liability of the partners is limited to the amount of their investments in the firm