Chapter 11: Specialized practice areas Flashcards
sole proprietorship
business by a single owner, unlimited liability
partnership? neg?
2 or more people who work in a business for profit, every partner assumes liability
corporation? can (2)? neg.?
business made of stockholders, can sue, own prop. , double taxation
limited liability partnership
money earned/donated used to pursue charity objectives
at will doctrine
free to fire employees
bankruptcy proceeding
debtor who can’t pay wants protection
liquidation? reorganization? consumer reorganization?
debtor sells assets / debtor develops plan to stay in business / promise to pay consistently
property
tangible object
real property
land/ items growng on or attached to land
personal prop.
all prop. that’s not real
intellectual prop.
product of someone’s mind
title search
exam docs. to prove who owns prop.
patent
right to exclude people from copying invention
copyright 1 ex)
right to control written words (author)
trademark 2 ex)
logo or combination that defines product (coke, jell-o)
