BUSI 2601 Study Guide - Midterm Guide: Limited Liability Partnership, Limited Liability, Bailment
27 May 2016
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Chapter 14 forms of a business organization. Sole proprietorship an unincorporated business organization that has only one owner. Unlimited liability unrestricted legal responsibility for obligations. Partnership a business carried on by two or more persons with the intentions of making a profit. Joint liability - liability shared by two or more parties where each is personally liable for the full amount of obligation. Joint and several liability individual and collective liability for a debt. Each liable party is individually responsible for the entire debt as well as being collectively liable for the entire debt. Limited partnership a partnership in which the liability of some partners is limited to their capital contribution. Limited liability partnership (llp) a partnership in which the partners have unlimited liability for their own malpractice but limited liability for other partners" malpractice. Shareholder a person who has an ownership interest in a corporation. Director a person elected by shareholders to manage a corporation.
