Formation
Geri begins making and selling face masks on Etsy.
What is a Sole Proprietorship?
What are members?
John & Paul, songwriters, enter into this type of agreement because they do not want to share proceeds equally
What is a partnership agreement?
Party who manages a limited partnership.
Who is the general partner(s)?
This occurs when a sole proprietor dies.
What is automatic dissolution?
Architects King, Cross & Kind file paperwork to form an entity that makes each partner liable only for her own negligence and that of those she supervises
What is a limited liability partnership?
Owner of the intellectual property covered by a franchise agreement.
Who is the franchisor?
Hilton Hotels enters into this type of agreement with the owner of a hotel in order to control its quality and amenities, among other things.
What is a franchise agreement?
This person(s) manage a limited liability company in the absence of an agreement.
Who are the members?
This occurs when a partner notifies other partners that she no longer wishes to be a partner.
What is dissociation?
A business files Articles of Organization with the Wisconsin Department of Financial Institutions.
What is an LLC?
Owners in a limited partnership.
Who are the general partner and the limited partner(s)?
Owners of a limited liability company want to vary from the Uniform Limited Liability Company Act.
What is an Operating Agreement?
The share of profits distributed to "owners" a limited liability company in the absence of an agreement.
What is pro rata?
This occurs when an LLC is bankrupt.
What is winding up and dissolution?
Fred, Dave & Jeremy are just investors, Harry manages this partnership--it filed this with the state.
What is a Certificate of Limited Partnership?
Owner of an auto dealership that is subject to an agreement to sell a certain make of cars.
Who is a franchisee?
This specialty business entity can be formed only by agreement, not by statute, but it shares some attributes with corporations
What is a joint stock company?
This limited liability company is managed in the second way (not default method).
What is a manager-managed LLC?
This may occur when a franchisor wrongfully terminates a franchise.
What is a lawsuit for wrongful termination?
John and Paul write songs and share the proceeds equally. They haven't filed anything.
What is a general partnership?
Two auto corporations own this together to make a new type of electric car engine that will be used in new vehicles.
What is a joint venture?
Various corporations get together and sign an agreement to finance construction of a high rise building in Chicago.
What is a syndicate?
There are 50 partners in this partnership. It does not have a partnership agreement. This is the person(s) who manage it.
Who are the general partners?
A partnership agreement covers business that becomes illegal.
What is dissolution?