BU231 Study Guide - Midterm Guide: Erms, Limited Liability Partnership, General Partnership
Document Summary
Sole proprietorship: an unincorporated business owned by a single individual! Partnership: the relationship between two or more persons carrying on a business with a view to pro t. Firm: collective reference to the partners in a partnership. Partnership agreement: an agreement between persons to create a partnership and (usually) to set out the terms of the relationship. Joint liability: the situation where each of a number of persons is personally liable for the full amount of debt. Limited partnership: a partnership in which some of the partners limit their liability to the amount of their capital contributions. General partner: a partner in a limited partnership whose liability is not limited. Limited partner: a partner in a limited partnership whose liability is limited to the amount of his or her capital contribution. Limited liability partnership: a partnership in which non-negligent partners are not personally liable for losses caused by the negligence of a partner.
