3. Business Structures Flashcards
What is an Agent?
A party authorised to enter into enforceable legal relationships on behalf of the principal
What is Assignment?
To assign means to transfer a right or property to another
What is a Cooperative?
On registration with their State authority under special legislation, the cooperative (collective) is not a company but gives shares to its members, and creates a legal entity with limited liability to members and operators
What is Fiduciary Duty?
An obligation to act in good faith, honestly, diligently, carefully and with all implied duties that flow from that duty
What is Holding Out?
The act of a person allowing themselves to be represented or representing, by words or conduct that they are a partner of a firm, also referred to as estoppel
What is Incorporated Association?
An association established for ‘not for profit’ purposes which does not distribute dividends to its members but which is registered as a legal entity with limited liability
What is incorporated Partnership?
Some jurisdictions allow partnerships to register as a separate legal entity. mostly for large scale investments over 20mill
What is joint and several liability?
Each partner is liable individually (several) and are all liable jointly
What is Novation?
The transfer of an interest from one party to another
What is Prima Facie?
Means on the face of it, an assumption that is made in the first instance
What is Unincorporated Association?
An association, club or society, established for ‘not for profit’ purposes which is not registered and does not pay dividends
What is Vicarious Liability?
An employer will be liable for the actions of an employee who harms another while acting within the authority of the employer
