BUS 010 Lecture Notes - Lecture 18: Fair Labor Standards Act, Master Limited Partnership, Catholic Church
Document Summary
------chapter 4 choosing a form of business ownership------ Sole proprietorship- business that is owned (and usually operated) by one person ~most widespread form (71. 8%) Unlimited liability- legal concept that hold a business owner personally responsible for all the debts of the business. Partnership- voluntary association of 2 or more persons to act as co-owners of a business for profit ~less common form. General partner- a person who assumes full or shares responsibility for operating a business. Limited partner- person who invests money in a business but no management responsibility or liability for losses beyond the amount he or she invested in the partnership. Master limited partnership (mlp)- limited partnership that has units of ownership that can be traded on security exchanges much like shares of ownership in a corporation. Closed corporation- corporation whose stock is owned by relatively few people and is not sold to the general public open.