Business Law 1101 Chapters 24, 25, 20, 21

Wrongful Dissolution

A dissolution of a partnership in violation of its partnership agreement.

Accounting

A review and listing of all partnership assets and/or profit.

National Labor Relations Board

Administrative agency created by the Wagner Act to interpret and enforce the National Labor Relations Act.

Sole Proprietorship

One person is in control of the management and profits.

Cooperative

Organization formed by individuals to market new products, they pool their resources together to gain advantage in the market.

Franchisor

Owner of a trademark or trade name in a franchise.

General Partnership

Partners divide profits and management responsibility and share unlimited personal liability for the partnerships debts.

Joint Stock Company

Partnership agreement in which company members hold transferable shares while all the goods of the company are held in the names of the partners.

Limited Partnership

Partnership consisting of at least one general partner and at least one limited partner in which the general partners assume all liability for the partnerships debts and the limited partners assume no liability beyond their original invested capital.

Limited Liability Partnership

Partnership in which all the partners assume liability for any partners professional malpractice to the extent of the partnerships assets.

Beneficiary

Person who can expect benefit from a relationship.

Trustee

Person who operates a trust for beneficiaries in a business trust.

Deceptive advertising

Practice of advertising with claims that mislead or could mislead a reasonable consumer.

Winding up

Process of completing unfinished partnership business.

Collective Bargaining

Process whereby workers organize collectively and bargain with employers regarding the workplace.

Americans with Disabilities Act of 1990

Prohibits discrimination against employees and applicants with disabilities.

Age Discrimination in Employment Act of 1967

Prohibits discrimination from hire, discharging in terms and conditions of employment being age 40 or older.

Equal Pay Act of 1963

Prohibits unequal pay based on gender.

Pregnancy Discrimination Act of 1987

Protects discrimination based on pregnancy.

Civil Rights Act of 1964

Protects employees against discrimination based on race, color, religion, national origin, sex and harassment on protected categories.

Unemployment Compensation

Provides unemployment compensation to employees who lose their jobs.

Family and Medical Leave Act

Requires employers to to provide all eligible employees up to 12 weeks of leave during 12-month period for several family related occurrences.

Ad substantiation

Requires that advertisers have a reasonable basis for the claims made in their ads.

Right of Survivorship

Right that specific partnership property will pass on to the surviving partners.

Sole proprietor

Single person at the head of the sole proprietorship.

Cease-and-desist order

An FTC order requiring that a company stop its illegal behavior.

Charging Order

An order that entitles a creditor to collect a partners profits.

Joint Venture

Association between 2 or more parties wherein the parties share profits and management responsibilities with respect to a specific project.

Franchise

Business arrangement between an owner of a trade name or trademark and a person who sells goods or services under the trade name or trademark.

Business Trust

Business organization governed by a group of trustees, who operate the trust for beneficiaries.

Dissolution

Change in the relation of partners caused by any partners ceasing to be associated with the carry on of the partnerships business.

Corrective Advertising

Company explicitly states that formerly advertised claims were untrue. (Counter advertising)

Franchise agreement

Contract whereby a company grants permission to another entity to use the franchisors name, trademark, or copyright of a business and associated sale of goods in return for payment.

S corporation

Corporation that has the tax status of a partnership.

Bait-and-Switch advertising

Deceptive practice in which seller advertises a low priced item, generally unavailable to the customer, then pushes them to buy a more expensive item.

Disparate Impact

Discrimination that arises when an employer's policy or practice appears to apply to everyone equally but its actual effect is that it disproportionally limits employment opportunities for a protected group.

Certificate of Limited Partnership

Document signed on the formation of a limited partnership and filed with the secretary of state.

Taft-Hartley Act

Federal legislation designed to curtail some of the powers that unions required under the Wagner Act; designates certain union acts as unfair.

Multiple-product order

Form of cease-and-desist order issues by the FTC that applies not only to a specified product but to other products produced by the same firm.

Legal Entity

Has in the eyes of the law, capacity to form an agreement and the ability to assume an obligation and to discharge an indebtedness.

Consent Order

Statement in which a company agrees to stop disputed behavior but does not admit it broke the law.

Workers' compensation laws

States laws that provide for financial compensation to employees or their dependents when a covered employee is injured on the job.

Consumer Law

Statutes or administrative rule serving to protect consumer interests.

Jointly Liable

Term applied to partners who share liability for the partnerships debts.

Rightfully Dissolved

Term applied to the dissolution of a partnership that does not violate its partnership agreement.

Wagner Act

The first major piece of federal legislation adopted explicitly to encourage the formation of labor unions and provide for collective bargaining between employers and unions as a means of obtaining the peaceful settlement of labor disputes.

Franchisee

The seller of goods or services under a trade name or trademark in a franchise.

Chain-Style business operation

Type in which the franchise operates under the franchisors' business name and is required to follow the franchisors standards and methods of business operation.

distributorship

Type of franchise in which the franchisor manufactures a product and licenses a dealer to sell the product in an exclusive territory.

Manufacturing Arrangement

Type of franchise in which the franchisor provides the franchisee with a formula or necessary ingredient to manufacture a product.

Joint and several liability

Type of liability in which a third party can choose to sue the partners separately or to sue all partners jointly in one action.

Limited liability company

Unincorporated business that is taxed like a partnership with the members paying personal income taxes and has the limited liability of a corporation.

Sexual Harassment

Unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature that makes submission a condition of employment.

Puffing

Use of generalizations or clear exaggerations.

Partnership

Voluntary association between two or more persons who agree to pool talent and money and share profits or losses.

Articles of partnership

Written agreement that creates a partnership.

Proving Disparate Discrimination

1. Employee must demonstrate a prima facie case of discrimination. 2. Employer must articulate a legitimate, nondiscriminatory business reason for the action. 3. Employee must show that the reason given by the employer is a mere pretext.

Occupational Safety and Health Act of 1970

Established agency responsible for setting safety standards under the act and enforcing the act through inspections and the levying of fines against violators.

Half-Truth

Info that is true but not complete.

Disparate Treatment

Intentional discrimination in which an employee is hired, fired, denied a promotion based on membership of being in a protected class.

Industry Guides

Interpretations of consumer laws created by the FTC to encourage businesses from unlawful behavior.

Syndicate

Investment group that comes together for the explicit purpose for financing a specific project.

Shareholders

Investors in a corporation who own the corporation.

Employee retirement Income Security Act (ERISA)

Law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individual in these plans.

Consolidated Omnibus Budget Reconciliation Act (COBRA)

Law which ensures that when employees lose their jobs or have their hours reduced to a level at which they would not be able to receive medical, dental or optical benefits, the employee will be able to continue receiving benefits under the employers policy for up to 18 months by paying premiums for the policy.

Fair Labor Standard Act (FLSA)

Law which requires that a minimum wage of a specified amount be paid to all empolyees in covered industries, also requires that employees who work more than 40 hours a week be paid no less than 1.5 times their regular wage for all hours beyond 40 worked in a given week.

Corporation

Legal entity formed by issuing stock investors, who are the owners of the corporation.

Landrum-Griffin Act

Legislation that primarily governs the internal operations of labor unions. It requires financial disclosures by unions, establishes penalties for financial abuses by union officials, protects employess from their own unions.