COMMERCE 1E03 Study Guide - Final Guide: Limited Liability Partnership, Limited Liability, General Partnership
15 Dec 2017
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A business owned and managed by one person. Advantages: ease of starting and ending the business, being your own boss, pride of ownership, retention of company profits, no special taxes, less regulation (than corporations) o. A partnership is a legal form of business with two or more parties. The business can be a partnership of individuals, corporations, trusts, other partnerships, or a combination of these. General partnership: a partnership in which all owners share in operating the business and in assuming liability for the business"s debts. o. Limited partnership: a partnership with one or more general partners and one or more limited partners. General partner: an owner (partner) who has unlimited liability and is active in managing the firm. Limited partner: an owner (partner) who invests money in the business but does not have any management responsibility or liability for losses beyond the investment.
