Rigos_Acronyms-Business Associations Flashcards
Business Entities
Filing Information Requirements for Business Associations: NAB
*General Business Associations
“N”ames of Owners and Representatives
“A”ddresses of Owners and Representatives
“B”usiness Activity Conducted
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
General Fiduciary Duty of Agent: HOLT
*Agency
“H”onest Dealings
“O”bedience to Principal
“L”oyalty to Principal
“T”rust to Principal
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
Involuntary Agency Termination: ISIS
*Agency
“I”ncapacity / Death of Principal
“S”ource of Agency Supply Destroyed
“I”llegality of Agency Agreement
“S”ubject Matter of Agency Destroyed
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
Partners’ Fiduciary Duty of Loyalty Violations: CAP
*Partnership
“C”ompetition with Partnership Prohibited
“A”voiding Adverse Interests to Partnership
“P”artnership Accounting for Benefit
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
Partnership Liquidation Priority: CPU
*Partnership
“C”reditors, including Partner Creditors
“P”artners Capital Account and Contributions
“U”ndistributed Profits to Partners
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
Articles of Incorporation Minimum Required Information: RINS
*Corporations
“R”egistered Office and Agent
“I”ncorporator(s)
“N”ame of Corporation
“S”tock Information
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
Corporate Board Conflicts of Interest Violations: CUT
*Corporations
“C”ompeting with Corporation
“U”surping Corporate Opportunity
“T”rade Secret Appropriation
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
Business Judgment Defense Rule: RIS
*Corporations
“R”easonable Decision at the TimeMade
“I”n Good Faith
“S”upported by Rational Basis after Reasonable Investigation
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
Director and Officer Non-Indemnification Protection Reasons: FICE
*Corporations
“F”iduciary Duty Breach
“I”ntentional Wrongdoing
“C”riminal Act, or
“E”xcess Distribution to Shareholders
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
Shareholder Suit Seeking Dissolution Reasons: FOWD
*Corporations
“F”raud by Directors or Officers
“O”ppression in Closely-held Corporation
“W”aste of Assets
“D”eadlock and Irreparable Inquiry Threatened
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
Filed LLC Articles Must Contain: NOMAD
*LLC
"N"ame of LLC "O"rganizer’s Name and Address "M"anager or Member Managed "A"ddress and Registered Agent "D"ate of Dissolution
(c) 2014 Rigos Professional Education - All Rights Reserved
Business Entities
LLC Member Dissociation Events: WIDE
*LLC
“W”ithdrawal by Member
“I”nsolvency
“D”eath or Incapacity
“E”xpulsion of Member
(c) 2014 Rigos Professional Education - All Rights Reserved
