MGTA01H3 Lecture Notes - Lecture 8: Privately Held Company, Worker Cooperative, Stock Certificate
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MGTA01H3 Full Course Notes
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Document Summary
In general partnership, there are some independent minded individuals who will not welcome the idea of surrendering some of their authority. For some, having more partners mean decision making authority is. Also partner are jointly and severally liable for each other"s business. Limited partnership- a form of partnership that allows for 2 classes more widely shared related debts and obligations of partner: general and limited. General partner participated in running the business on a day to day basis, directs the partnership"s employees and resource and make decision on behalf of the business. General partners have joint and several liability for debts and obligations of the partnership. In limited partnerships, a general partner is sometimes called principal. Principal- an individual who has the authority to hire and instruct others to act on behalf of a business, and who bears the liability and responsibility.
