MGMT 1 Chapter Notes - Chapter 5: Master Limited Partnership, Limited Liability Partnership, Sole Proprietorship
10 Feb 2016
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Ease of starting and ending the business. Unlimited liability the responsibility of the business owners for all of the debts of the business (the risk of personal losses) General partner an owner (partner) who has unlimited liability and. Limited partnership a partnership with one or more general. General partnership a partnership in which all owners share in (cid:1) operating the business and in assuming liability for the business"s debts (cid:1) partners and one or more limited partners (cid:1) is active in managing the firm. Limited liability the responsibility of a business"s owners for losses. The right to participate in managing the operations of the business (cid:1) (cid:1) Shared management and pooled/complementary skills and knowledge. Conventional corporation a state-chartered legal entity with (cid:1) (cid:1) authority to act and have liability separate from its owners its stockholders (cid:1) (cid:1) Ability to raise more money for investment. Possible conflict with stockholders and board of directors.
