An association of two or more persons to carry on as co-owners of a business for profit.
What is Partnership
100
This is a person/people that invest money or other property in the business but are not liable for debts or obligations.
What is Limited Partner
100
The legal process by which the assets of a debtor are sold to pay off creditors so that the debtor can make a fresh start financially.
What is Bankruptcy
200
A form of business formed by two or more persons having both general and limited partners.
What is Limited Partnership
200
This is a person/people who manage the business and are personally liable for its debts and obligations.
What is General Partner
200
This proceeding is designed to liquidate a debtor’s property, pay off creditors, and discharge debt
What is Chapter 7
300
A legal entity created under state law with the power to conduct its affairs as though it was a natural person.
What is Corporation
300
What are two requirements for a voluntary bankruptcy?
What is Satisfy a means test, meet with a credit counselor, furnish income tax returns, take a course in financial management.
300
A method for businesses to reorganized their financial affairs, keep their assets and remain in business
What is Chapter 11
400
A form of business that is owned and operated by one person.
What is Sole Proprietor
400
What is an exemption from bankruptcy?
What is your homestead
400
A method for family farmers to adjust their financial affairs while continuing to operate their farms.
What is Chapter 12
500
Partners in name only.
What is Nominal or Ostensible Partners
500
To qualify for Chapter 12 bankruptcy, family farmers and fishers but have this percent of the debt directly related to the farming or fishing operation?
What is 80%
500
A method by which an individual with regular income can pay his debts from future income over an extended period of time.