BUSA 2106 exam 2 Questions And Answers Latest Updates

Proxy - ️️Shareholder's authorizing of another person to vote the shareholder's shares in the event of the shareholder's absence Limited Partner - ️️Partners who invest capital but do not participate in management and are not personally liable for partnership debts beyond their capital contributions Limited Partnership - ️️is a form of partnership similar to a general partnership, except that where a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner. Sole Proprietorship - ️️also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. General Partnership - ️️A arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations. General partner - ️️Partners who invest capital, manage the business, and are personally liable for partnership debts Certificate of limited partnership - ️️sets rules for limited and general partners in limited partnership Limited liability companies - ️️is the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. Member - ️️Owner of an LLC Articles of organization - ️️Formal documents that must be filed at the secretary of state's office of the state of organization of an LLC to form the LLC Corporation - ️️a large business or organization that under the law has the rights and duties of an individual and follows a specific purpose Incorporation - ️️The process of legally declaring a corporate entity as separate from its ownersCertificate of or Articles Incorporation - ️️The basic governing documents of a corporation; also known as corporate charter To form C Corporation Shareholder - ️️an owner of shares in a company. vote on board of directors and major actions Annual Shareholder's meeting - ️️Held by the corporation to elect directors and to vote on other matters Dividends - ️️a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves)