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Sole ownership/proprietorship
What does the term "right of survivorship" mean in joint tenancy?
The surviving tenants automatically inherit the deceased tenant's share
What are some challenges of an LLC?
potential conflicts between family members, complexity in formation, and adherence to state regulations.
What are the benefits of a cooperative?
Collective marketing, bulk purchasing, risk sharing, access to resources and services, distribution of profits based on member participation.
What is the purpose of corporate bylaws?
To govern the internal management and operations of the corporation
NAME THE KEY TERM - a legal arrangement where one party holds property for the benefit of another, often used to manage and protect assets.
Trust
What happens in a partition of property?
The property is divided among co-owner's or sold and proceeds are divided
What are the benefits of an LLC?
limited liability protection, flexible management, pass-through taxation.
NAME THAT KEY TERM: A cooperative owned by community members to provide essential services such as grocery stores or cafes in rural areas.
Community cooperative
Who is responsible for overseeing the management and making major decisions in a corporation?
Board of directors
NAME THAT KEY TERM - the process of legally declaring a corporate entity as separate from its owners.
incorporation
In a tenancy in common, what happens to a tenant's share upon their death?
passes to their heirs
NAME THAT KEY TERM - A business structure that provides limited liability protection to its members and allwos operational flexibility similar to a partnership.
LLC
NAME THE KEY TERM: a cooperative that processes and markets members' products to increase their value before sale.
Value-added cooperative
What is the difference between preferred stock and common stock in a corporation?
Preferred stockholders have priortiy in dividends, common stockholders have voting rights
What is the primary characteristic of a sole proprietorship? (OTHER THAN # OF MEMBERS)
Unlimited personal liability
In a general partnership, who is liable for the debts of the business?
All partners
What is the main advantage of pass-through taxation in an LLC?
Income is taxed only once at the individual level
What is equity redemption in a cooperative?
cashing in shares upon retirement or death
What is the legal protection that prevents creditors from pursuing a shareholder's personal assets in a corporation?
Vicarious liability
NAME THAT KEY TERM - an individual or entity that owns shares in a corporation, giving them a stake in the company's assets and profits.
Shareholder
Which type of partnership includes at least one general partner and one limited partners?
Limited partnership
What type of business structure combines features of both partnerships and corporations?
LLCs
What does the term "one member one vote" refer to?
A democratic voting system where each member has one vote regardless of shares owned.
What does the corporate veil refer to?
The legal distinction between the corporation and its shareholders