LARE section 1()Questions & Answers 100% Correct(GRADED A+)

misfeasance - ANSWERPreforming a legal action in an improper way malfeasance - ANSWERDoing of an act in an improper, wrongful, or unlawful manner. Public works always malfeasance. nonfeasance - ANSWERFailure to act when one should, a kind of tort malpractice - ANSWERA failure of a professional to act in accordance with the acceptable course of conduct, negligence of a member of a profession in a professional capacity censure - ANSWERIssue a formal condemnation. admonition - ANSWERAn act or action of admonishing; authoritative counsel or warning. sole proprietorship - ANSWER-least costly form of business to establish -limitations restricting the firm's capabilities to expand in size or obtain certain types of clients, or to borrow money -in the event of a business failure, the owner's personal assets, including home, etc., are subject to claims by creditors partnership - ANSWERowners share the risk -any claim against one partner is a claim against all partners -partner is agent of other partners -partnership pays no income tax, partners do -each partner has unlimited liability to creditors -cannot own real property in its name LLC - ANSWERA limited liability company, a type of firm in which the owners have limited personal liability for the debts and actions of the business; the LLC is treated like a partnership, which provides management flexibility. corporation - ANSWER-can do business, own and covey real property, enter into binding contracts, and incur debts in the corporation's name -can sue and be sued in its own name -owners of corporation not bound personally by any indebtedness of the corporation