Sole Proprietorship Overview

Simplest business form; owner is the business (legally considered one and the same); owner receives all profits, but has unlimited liability.

A tort where the person committing the wrong (tortfeasor) intends to act or intends the results of the act.

Laws passed by Congress that establish administrative agencies, defining their names, purposes, functions, and powers.

The intent to harm one person is applied to someone else who is injured instead.

A business owner is personally responsible for all business debts and obligations.

Agencies directly under the President's control, part of the President's Cabinet.

An intentional threat of immediate harmful or offensive contact, creating a reasonable fear.

Agencies with less direct presidential control; officers serve fixed terms and can't be removed without just cause.

Agreement between two or more people to run a business for profit; co-owners with joint control and profit sharing.

Default rules for partnerships if no agreement exists; defines partnership as an association of two or more persons to carry on a business for profit.

The authority granted to an agency by its enabling legislation; cannot exceed the powers given.

The completion of assault; harmful or offensive physical contact.

Rules issued by agencies that have the force of law.

A key element in determining if a partnership exists, according to the UPA.

Valid justifications for assault and battery, like consent, self-defense, defense of others, or defense of property.

Partners jointly control and share in business operations, according to the UPA.

Extreme and outrageous conduct causing severe emotional distress.

Rules issued by agencies to clarify laws; not legally binding.

Joint ownership of property does not automatically create a partnership (according to the UPA).

Intentional confinement or restraint without justification.

Requires parties seeking court review of agency actions to first use all agency remedies.

Legally registering a business name to avoid conflicts or confusion.

Wrongfully hurting someone's reputation by making false statements.

A three-step process for agencies to create legally binding rules.

Requirements for certain professions to legally work, like doctors, construction workers.

Oral defamation.

Daily publication of executive orders, rules, and regulations.

Agency actions not subject to the Administrative Procedure Act(APA) and don't establish legal rights.

Written defamation.

Various legal necessities (business name, tax, licenses, permits, etc) for a business to operate.

A statement that is literally inaccurate and not an opinion.

A partnership is not taxed as a separate entity. Instead, profits and losses are passed through to the individual partners, who report them on their personal income taxes.

Property acquired by the partnership belongs to the partnership, not to the individual partners, even if they contributed the assets into it, or even manage it.

A formal or informal agreement outlining the terms of a partnership, including ownership percentages, management responsibilities, compensation for partners, and procedures to dissolve or change the partnership.

Each partner has equal voting rights (one vote each), regardless of their stake in the partnership. Majority rules, unless the agreement specifies otherwise for specific actions.

A partner's share of profits and losses is determined by the partnership agreement and doesn't need to be equal to their ownership stake.

A partner's income comes from the distributions of profits, based on their predetermined partnership agreement shares.

Partners owe a duty of care and loyalty to the partnership and each other. This means acting in the best interests of the partnership and not competing with it.

Partners have the right to access all partnership financial and operational information.

A review of partnership assets and profits to establish each partner's stake.

A judge working for an agency, not independent, but unbiased, who presides over agency proceedings. They're separate from investigators and prosecutors.

Private communications between an ALJ and a party in an agency proceeding. Forbidden by the APA (Administrative Procedure Act).

Decisions made by an ALJ after a hearing. These orders can be appealed to higher bodies or courts.

Requires federal agencies to disclose records upon request. Denials can be challenged. Information must be available online and accessible.

Requires government meetings be open to the public. Advance notice of meetings and agendas are essential.

Requires analysis of the cost of regulations on small businesses. Focus on less burdensome alternatives.

Allows Congress to review regulations for 60 days before implementation, while offering clear guides for compliance with new regulations to small businesses.

A system of rules and principles governing relations between nations, formed from treaties, international customs and organizations.

The laws within a specific country.

Established practices & behaviours that have developed over time amongst nations.

A treaty or agreement between two nations.

A treaty or agreement amongst multiple nations.

Groups of officials from various countries, often created by treaties.

A court whose decisions are binding on nations that have agreed to its jurisdiction.

A set of international rules that govern how countries buy and sell goods to each other.

Legal systems where courts develop rules based on precedents, not necessarily written laws.

Statements made by international bodies to suggest how nations should act.