Legal Forms Flashcards

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1
Q

Sole Trader / Individual Proprietor

A

business owned and operated by one individual

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2
Q

General Partnership

A

company owned by 2 or more partners who share its profits and carry its whole liability

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3
Q

Limited Partnership

A

at least one partner has unlimited liability, others can be limited

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4
Q

Sleeping / Dormant / Silent partner

A

doesn’t take active part in management

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5
Q

Limited Liability Company

A

legal entity whose assets are separate from its owners -> owners have limited liability

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6
Q

Private Limited Company (UK)

Private Stock Corporation (US)

A

a type of legal entity which is owned by one or a few people who are closely involved in managing the business

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7
Q

Public Limited Company (UK)

Public Stock Corporation (US)

A

a type of legal entity which is owned by anyone who buys a part of it

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8
Q

corporation

A

large company or group of companies authorized to act as a single entity

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9
Q

to incorporate

A

to include something as a part of something larger

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10
Q

to be liable

A

to be legally responsible

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