+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Commercial Insurance
|
Covers for-profit business & not-for profit orgainzations against adverse financial effects of property & liability losses
|
|
Loss Exposure
|
Any condition or situation that presents a possiblity of loss, regardless of whether the loss actually occurs
|
|
Corporation
|
An enitity organized under state laws and entitled to the same rights as a person, distince from its owners, who are called stockholders or shareholders
|
|
Partnership
|
For profit business entity jointly owned by 2 or more people who share ownership & profits (& Losses)
(May not be an equal ownershop basis)
|
|
Joint Venture
|
A business association formed by an express or implied agreement of 2 or more people to accomplish a perticular project
(i.e - construction of a building)
|
|
Limited Libility Company (LLC)
|
A form of business entitiy that provides its owners the limited liability of a corporation & the tax advantages of a partnership
|
|
Unincorporated Association
|
A voluntary association of individuals acting together under a common name to accomplish a lawful purpose
|
