PSLX 6225 Week 1 (Chapters 1, 2, & 3)

1234567891011121314151617181920212223242526
Across
  1. 1. a withdrawal of a partner from a partnership; does not necessarily cause a dissolution or termination of partnership (withdrawal from the business)
  2. 6. doing business as
  3. 8. corporation in which all income is passed through to shareholders who pay taxes at appropriate individual rates (corporation taxed like a partnership)
  4. 9. relationship between parties whereby one agrees to act on behalf of another (act for another)
  5. 10. Model for partnership legislation in about three-fourths of the states (partnership law used by the majority of the states)
  6. 11. newly recognized form of partnership in which a partner has no personal liability for the misconduct of another partner (has one or more general partners and at least one limited partner)
  7. 15. name adopted for use by a person, partnership, corporation, or other business that is other than its true or legal name; sometimes called an assumed name (name adopted by a business)
  8. 16. business survives death of owner
  9. 21. liability not limited to a party’s investment in an enterprise but rather may be satisfied from the investor’s other assets, savings, and property (liability for all the business debts)
  10. 22. liability for debts and obligations in excess of that originally invested, namely, liability extending to one’s personal assets (a person has liability for debts of the business)
  11. 25. when each member of an association is liable to pay all of a debt or obligation; when a creditor may sue all individuals in an association or pick among them to satisfy a debt (partners liable together and separately)
  12. 26. corporation whose shares are held by a few people, usually friends or relatives active in managing the business (corporation owned by only a few people)
Down
  1. 2. a business managed and owned by one person who has sole authority for all decision-making and faces unlimited personal liability for business debts and obligations (only one individual owns and manages)
  2. 3. money of the business
  3. 4. runs the business
  4. 5. order from a court requiring a partnership to pay distributions a partner would have received to the partner’s creditor until a judgment is fully satisfied (court order directing a partner to pay distributions to creditor)
  5. 7. Internal Revenue Service
  6. 8. Document filed with secretary of state providing notice of partners or LLC members who are authorized to act for entity (public notice of are authorized to execute real estate transfers
  7. 12. advance payment to an employee against anticipated compensation (advance payment against profits
  8. 13. process of completing the affairs of a business; for corporations, the process of collecting corporate assets, discharging debts, and distributing any remains to the shareholders; may be judicial or nonjudicial (wrapping up business activities)
  9. 14. application for employer ID number
  10. 16. legal entity existing by authority of state law, owned by its shareholders, and managed by its elected directors and appointed officers (limited liability, with directors and officers)
  11. 17. relationship in which a party owes a duty of good faith to another or to others (deal with others in good faith)
  12. 18. termination of a business organization as a legal entity, such as a partnership or corporation; may be voluntary or involuntary for a corporation (termination of partnership)
  13. 19. individual or entity managing or controlling a (general) partnership or a limited partnership (two or more with unlimited liability)
  14. 20. liability that is confined to that amount contributed by an investor to an enterprise; when personal assets of an investor cannot be used to satisfy business debts or obligations (liable only to the extent of one’s investment.)
  15. 21. Uniform Partnership Act, model for partnership legislation in about one-fourth of the states (1914 law governing partnerships)
  16. 23. used to report income and losses of sole proprietorship for tax purposes
  17. 24. new form of business enterprise, recognized in all states, offering the pass-through tax status of a partnership and the limited liability of a corporation (limited liability company)