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Level 26

Business organizations B

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An agreement among two or more persons to operate as co-owners a business for profit.
Corporate profits distributed to shareholders.
Articles of organization
The document by which a limited liability company is formed.
Partnership agreement
An express written agreement governing the operation and governance of a partnership.
Those who hold offices of authority in a corporation.
Sham corporation
A corporation without substance that may be disregarded by piercing the corporate veil.
Annual meeting
A meeting of the shareholders that the law requires a corporation to hold each year for the election of directors and the transaction of other business.
A fictitious name for a sole proprietorship.
Joint and several liability
Liability that is shared among co-owners; each owner is personally liable for the entire obligation, and all co-owners are personally liable to each other for their share of the obligation.
Persons elected by shareholders and entrusted with the overall control of a corporation.
A voluntary chartered association created by law that has perpetual existence and limited liability for its shareholders.
Operating agreement
Rules adopted by a limited liability company for management and governance.
Limited liability company
An unincorporated company whose members are not personally liable for the debts of the company.
Uniform Partnership Act (UPA)
A uniform act proposed in 1914 by the National Conference of Commissioners on Uniform State Laws for the governance of business partnerships.