POL 220: Chapter 12: The Business Environment

one who works for another

one who acts on behalf of another

sole individual who assigns an agent to carry out tasks

legal obligation to act in the best interests of another person or entity

indirect liability placed on a supervisor for the acts of a subordinate

responsibility of an employer for torts of employees that are committed in the course and scope of employment

independent contractors that enters into formal agreements with on-demand companies to provide services to companies' clients

deviation for personal reasons during scheduled work hours. frolic is when the personal business is unrelated to employment and detour is when the deviation is related to employment

power given, in fact, to an agent by the principal or employer

authority created by conduct that leads a third person to believe that authority exists when it does not

employees that join together for the purpose of negotiating working conditions; often done by a union

an employment agreement without a fixed term

federal law that protects people with disabilities from discrimination including employment, public accommodations, and telecommunications, among other areas

policy that gives special consideration to members of groups that have historically suffered discrimination

set of laws proposed by a group of legal scholars and submitted to the legislatures of the various states for adoption

financial interest in a business

business owned by one person

business name or assumed name for a business that is different from the legal name of the business. It is frequently written with the notation d.b.a

business operated by two or more individuals for profit

business consisting of at least two partners who run a business together under a common name and have personal liability for the debts of the business

partnership meeting certain legal formalities and including at least one general partner and at least one limited partner; the limited partner’s liability is limited to the extent of their capital contribution

business that is a legal entity unto itself and is formed according to the corporate laws of the state

legal entity with rights and liabilities similar to those of a person

corporation formed for any business purpose

statement filed with with a secretary of state that define the primary operating purpose of the corporation

corporation incorporated in one state and doing business in another

internal rules and regulations for a corporation

owners of a corporation

profits of a corporation that are distributed to shareholders

individuals who exercise general management and control of a corporation

individuals who are responsible for the day-to-day management of a corporation

corporation formed for the purpose of engaging in certain professions, such as medicine or law

small corporation whose shares of stock are not available to the public

corporation whose shares of stock can be purchased by anyone

corporation formed for a charitable, religious, educational, or like purpose; uses all income for stated purpose

investment in a business

ownership in a business; an interest whose value is determined by the net worth of the business

loans

initial public offering, first time a stock becomes available for sale to the public

formal document that is filed with the SEC that provides opportunities, risks, financials, and other information that is intended to assist potential investors in their decision to invest

state securities regulations

federal law that mandates financial record keeping and reporting requirements for corporation

organization that provides limited liability to the partners without the restrictions imposed by a limited partnership; may be limited to certain types of professions

type of business organization that provides limited liability to its owners; similar to a corporation, but not taxed as a corporation

one who owes money to another

someone to whom money is owed

to relieve or forgive