Module 4: Agency Flashcards
power of attorney
an agency agreement in writing and under seal; a special type of express agency agreement
insurance broker
an independent business that deals with several insurance companies and advises clients on the appropriate insurance coverage
limited partnership
a partnership in which the liability of some partners is limited to their capital contribution
limited liability partnership
a partnership in which the partners have unlimited liability for their own malpractice but limited liability for other partners’ malpractice
franchise
an agreement whereby an owner of a trademark or trade name permits another to sell a product or service under that trademark or name
joint venture
a grouping of two or more businesses to undertake a particular project
strategic alliance
an arrangement whereby two or more businesses agree to cooperate for some purpose
sales agency
an agreement in which a manufacturer or distributor allows another to sell products on its behalf
product licensing
an arrangement whereby the owner of a trademark or other proprietary right grants to another the right to manufacture or distribute products associated w the trademark or other proprietary right
widely held corporation
a corporation whose shares are normally traded on a stock exchange
securities legislation
laws designed to regulate transactions involving shares and bonds of a corporation
closely held corporation
a corporation that does not sell its shares to the public (aka private corporation)
NUANS report
a document that shows the result of a search for business names
shelf company
a company that does not engage in active business
bond
a document evidencing a debt owed by thecorporation, often used to refer to a secured debt
