Archives for "U"

U.S. Partnership Return

This is the form 1065 return required for a multi-member LLC which has not elected another tax status. It is an informational return in which the partnership reports income but does not pay taxes. The owners pay taxes according to the K-1 they receive, reflecting their share of the profits or losses.

United States Patent and Trademark Office

An office of the United States government that registers patents and trademarks. Applications for patents and trademarks are submitted to the USPTO. The examiner will either approve or reject them.

Unanimous Action and Resolution of Initial Director

The Initial Director or Directors need to sign a Unanimous Action and Resolution of Initial Director to appoint officers, authorize the opening of a bank account and issue stock. Without this the ownership and management of the corporation have not been properly established. This basic formality needs to be adhered to help protect the corporation from subsequent attack for not following corporate formalities.

Umbrella Organization

An association of organizations that work together for some specified purpose. The “Umbrella Organization” provides resources, and sometimes an identity, to the smaller organizations that they are responsible for. This term also refers to the Master Company in a Series LLC.

Ultra Vires

A legal term for actions that are beyond the powers of the entity that took them, such as an invalid corporate act. This is not a common form of claim because corporate charters are often worded to encompass any purpose authorized by law. Therefore, it is difficult to argue the action of a manager was outside the scope of the powers of the entity.