Business Terminology Quiz

A legal entity that is separate from its owners, with its own rights and obligations.

A document outlining the fundamental rules of a company, governing its operations and internal organisation.

A legal document that establishes a corporation, defining its purpose, structure and initial shareholders.

A legal document that defines the purpose and scope of a company's activities, often included in the company's registration process.

The process of dissolving a company and distributing its assets to creditors and shareholders.

An individual or group that bids to purchase an asset, typically at an auction.

Individuals responsible for managing and overseeing a company's operations, typically elected by shareholders.

A legal document that grants someone the authority to act on behalf of another person or entity.

The process of acquiring control of another company, often by purchasing a majority of its shares.

A company that owns a controlling interest in another company, effectively having the power to influence its management.

A company that is owned and controlled by another company, often referred to as the parent company.

The process of forming a new company by registering it with the relevant authorities.

The financial situation of a company, including its assets, liabilities and equity.

A type of company where shareholders have limited liability, meaning their personal assets are not at risk if the company fails.

A type of company where shareholders have unlimited liability, meaning their personal assets are at risk if the company fails.

An elected individual who, along with other directors, is responsible for a company's corporate policy.

One of two documents that forms the constitution of a company in the UK.

A company's 'birth document' in the UK.

A document issued by a governmental authority granting a company status as a legal entity. It outlines important details such as the company's name, address, objectives, and powers.

An organization or business owned and managed by the people who work in it. Profits or benefits are shared among the members.

A document acknowledging and detailing the terms of a loan.

A firm registered or incorporated outside the country of its main offices, operations, or principal investors.

A relationship where two or more people, organizations, or countries work together as partners. Each partner is jointly and severally liable for debts and losses.

The act of gaining possession of something, such as a company or asset.

A combination of two companies resulting in no significant transfer of control. Shareholders retain their holdings on a combined basis.

The owner of a company enjoys all the profits and is personally responsible for all debts.

A company or person that buys and sells shares for other people.

The official address where all legal and official communication with a company is directed.

Parts representing ownership in a company, like slices of a pizza.

An individual or group owning one or more shares of a company

The process of creating a private limited company involves registering it with the official authorities.

A document outlining the fundamental rules and regulations of a company's internal operation.

A document outlining the company's purpose and activities.

A situation where an individual's claim or right is no longer legally enforceable due to the passage of a specific time limit (statute of limitation).

A legal document that specifies the maximum time allowed for initiating a legal action, after which the claim becomes unenforceable.

An act of infidelity, usually involving sexual intercourse with someone other than one's spouse.

Financial support provided by one spouse to the other, typically after a divorce or legal separation.

A legal process that results in the formal dissolution of a marriage.

A legal process that seeks to declare a marriage officially void or invalid from its inception, effectively erasing the marriage.

A legal arrangement where both parents have shared responsibility for raising a child, involving both legal and physical custody.

A legal situation where one parent has exclusive legal and physical custody of a child, with the other parent having visitation rights.

A legal document stating that two people are officially married.

A pre-marital agreement signed by a couple, defining the division of property and financial arrangements in case of a divorce or separation.

A legal process where one spouse files a petition to dissolve the marriage.

A meeting between a couple seeking to reconcile after a separation, often guided by a counselor.

The legal process of restoring a person's marital status to single after a divorce or annulment.

A legal agreement where a person designates another person (the beneficiary) to inherit their assets upon their death.

A type of custody where the parents share physical custody of the child, but the child stays in one home while the parents switch back and forth.

Custody where the child does not live with either biological parent, but rather with another designated person.

An act of leaving a spouse or partner with the intention to end the relationship permanently, or forcing them out of the home.

The legal termination of a valid marriage by a court, usually requiring a specific period of separation or grounds for divorce.

A divorce where one party blames the other for the marriage's failure, requiring evidence of misconduct.

A divorce without assigning blame, based on irreconcilable differences or incompatibility.

Property owned solely by one spouse, acquired through gifts, inheritance, or before marriage.

A sexual relationship outside of a valid marriage.

A marriage recognized by law, fulfilling all legal requirements.

A marriage lacking some legal requirements, subject to cancellation by a court.

A marriage lacking essential legal requirements, considered invalid from the beginning.