> This doctrine states that a principle or employer will be responsible for the debts of its agents/employees who are acting within the scope Choose... of their job: Choose... A person who represents or acts for another is an Operating Agreement Dissolution The termination of partnership is called Uniform Partnership Act The sale of all of a business' assets is called Joint and Several Liability The money invested in a business by an owner is called Agent Distribution The profit given to limited partners is often called a Limited Liability Company Act Owners of a Limited Liability Company are called Liquidation When a plaintiff may sue and collect judgement from a partnership or Legal Entity each individual partner. Members Limited Partnership An agreement in which LLC members outline how the business will be managed and operated is an Buy-Out/Buy-Sell Agreement The Statute that governs limited liability companies is the absence of Pass Through Tax Entity an operating agreement is the Dissociated A nartner who assumes responsibility for the management of the General Partner ne 08 My Courses This Course Student Services HFC Online Video Tutorials A partner who assumes responsibility for the management of the partnership and liability for partnership debts is a . Capital Joint and Several Liability Agent A partnership consisting of one or more general partners and one or more limited partners is a Distribution An agreement between partners as to how the assets will be valued and divided is a In the absence of an express partnership agreement, the governs the relationship between the partners. A business that owns property, can sue, and can be sued, is a Limited Liability Company Act Liquidation Legal Entity Members Limited Partnership Buy-Out/Buy-Sell Agreement Pass Through Tax Entity Dissociated General Partner Limited Liability Company Articles of Organization Fiduciary Capital A business entity that is not a taxable entity; income is taxed to the individual owners is a