Sole Proprietorships
Limited Liability Partnerships
Partnerships
LLC
Limited Partnerships
100
is a form of business that is owned and controlled by one person
What is sole proprietorship
100

This needs to be filed to form an LLP in Maryland

What is a Certificate?

100
is the combination of a limited partnership and a limited liability partnership.
What is Limited liability limited partnership
100
is a nonpartnership form of business organization that has the tax benefits or a partnership and the limited liability benefits of a corporation.
What is Limited Liability Company
100

invest money or other property in the business, but are not liable for the debts or obligations of the partnership.

What is Ja limited partner

200

is when athere is no-one to take over the business if the owner dies or leaves

What is lack of continuity

200

This is the document which allows the LLP to run on a day-to-day basis

What is a Partnership agreement?

200
are partners in name only
What is Nominal partners or ostensible partners
200
Owners of a limited liability company are called
What is Members
200

are ones who may be known to public as partners, but who take no active part in the business.

What is a silent partner

300

is when creditors can attach the personal assets of the owner

What is unlimited liability

300

These are states in which the acts of the partners in an LLP are liable for neither the tort nor the contract actions of their partners

What is a full-shield state?

300
is an act or occurrence that requires the partnership to eventually terminate
What is Dissolution
300
Instead of having articles of incorporations, an LLC has
What is Articles of organization
300

this is the IRS form that is filed by the limited partnership

What is Form 1065?

400

when the owner mingles his business and personal assets so the courts will consider them as one

What is alter-ego

400

Where the partners in an LLP are liable for the contract actions of their partners

What is a partial shield state

400
take an active part in the business, but are not known to the public as partners.
What is Secret partners
400
rather than having bylaws, a limited liability company has an
What is Operating agreement
400

This is the form that is givento the partners to file with their own personal tac returns

what is a K-1?

500

When the owner does not have enough money in the business to provide for emergencies

What is under-capitalization

500

this is a disadvantage of LLPs (they are limited to a certain type of organizations

What is groups of professionals

500
occurs when a partnership is dissolved
What is Winding-up period
500
are people designated by the members to manage the LLC
What is Managers
500

this is the list of activities that a limited partner can engage in without being considered a manager

What is a safe harbor?

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