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Flashcards in Business Organizations Deck (66)
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1

TBOC

The Texas Business Organizations Code

2

In Texas, the statute that governs business organizations is called ___________________________________________.

The Texas Business Organizations Code.

3

In Texas, the statute that governs business organizations is called, __________________________________________.

The Texas Business Organizations Code.

4

6 Types of Business Orgnizations

1. Sole Proprietorship
2. General Partnership
3. Limited Partnership
4. Limited Liability Partnership
5. Limited Liability Company
6. Corporation

5

Simplest form of business organization.

Sole Proprietorship

6

The owner is the business. There is no separate legal entity.

Sole Proprietorship

7

Simplest form of business organization. The owner is the business. There is no separate legal entity. It's easy to form and there is almost no cost.

Sole Proprietorship

8

The ________________________ is legally responsible for the business's contracts and the torts s/he or any employees commit in the course of employment.

Sole Proprietorship

9

Business that's easy to transfer or sell; no other approval is necessary. It's easy to form and there is almost no cost. Simplest form of business organization.

Sole Proprietorship

10

DBA

Doing Business As

11

In Texas a ____________________- is formed by filing an assumed name certificate with the County Clerk's office.

Doing Business As

12

Where do you file an assumed name certificate for a DBA?

County Clerk's office

13

Forming a DBA

-Can operate under the name of the sole proprietor, or under a trade name, which is designated as a DBA - doing business as.
-In Texas, a DBA is formed by filing an assumed name certificate with the County Clerk's office.

14

In Texas, a DBA is formed by filing an ____________________________________ with the County Clerk's office.

assumed name certificate

15

A SP can operate under the name of the SP, or under a _________________, which is designated as a _______________.

-trade name
-DBA- doing business as

16

__________________________ are voluntary associations of two or more persons. The business must have a profit motive, even if it doesn't actually make a profit. The agreement to form one may be oral, written, or implied from the contracts of the partners.

General Partnership

17

Voluntary association of two or more persons to form a business that has a profit motive.

General Partnership

18

The agreement to form a partnership may be ___, ________________, or ______________________.

oral,
written,
or implied from the contacts of the partners.

19

A written partnership agreement is called a ______________________ or _____________________.

partnership agreement or
articles of partnership

20

Partners are ___________________ for contracts & debts; they are _________ and __________ for torts.

jointly liable for contracts & debts
jointly & severably liable for torts

21

This type of business has both general and limited partners. General partners invest capital, manage the business, and are personally liable for partnership debts. Limited partners invest capital, but do not participate in management and are not personally liable for partnership debts beyond their capital contribution.

Limited Partnership

22

Has both general and limited partners.

Limited Partnership

23

In an LP, ____________________ invest capital, manage the business, and are personally liable for partnership debts.

general partners

24

In an LP _____________________ invest capital, but do not participate in management and are not personally liable for partnership debts beyond their capital contribution.

limited partners

25

In an LP the ___________________ have unlimited liability for debts of the LP.

general partners

26

In an LP, the __________________ are liable only up to the amount of their original contribution.

limited partners

27

To have a Limited Partnership (LP), the partners must execute and sign a __________________________ that contains the name of the LP, character of the business, address of the place of business, address of the resident agent for service of process, name/address of each partner, amount contributed by each partner, and anything else the partners want to include.

Certificate of Limited Partnership

28

What must a Certificate of Limited Partnership contain?

1. Name of the LP
2. Character of the business
3. Address of the place of business
4. Address of the resident agent for service of process
5. Name/address of each partner
6. Amount contributed by each partner
7. Anything else the partners want to include

29

________________________ is a form of partnership in which all partners are limited partners and there are no general partners.

Limited Liability Partnership

30

An LLP is a form of partnership in which all partners are ______________________ and there are no _______________________.

-limited partners
-general partners