business 100 chapter 4 part 1

a business that is owned (and usually operated) by one person

ease of start-up and closure, pride of ownership, retention of all profits, flexability of being your own boss, no special taxes

unlimited liability, lack of continuity, lack of money, limited management skills, difficulty in hireing employees

a legl concept that holds a business owner personally responsible for all the debts of the business

the sole proprietor IS the business

a voluntary association of two or more persons to act as co-workers of a business for profit

a business co-owned by two or more general partners who are liable for everything the business does

a person who contributes capital to a business but has no management responsibility or liability for losses beyond the amount he or she invested in the partnership

a business co-owned by one or more general partners who manage the business and limited partners who invest money in it

a business partnership that is owned and managed like a corporation but often taxed like a partnership

agreement listing and explaining the terms of the partnership

ease of start up, ability of capital and credit, personal interest, combined business skills on knowledge, retention of profits, no special taxes

unlimited liability, management disagreements, lack of continuity, frozen investment

a partner may have limited-liability protection from legal action resulting from the malpractice or negligence of the other partners

an artifical person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts

the shares of ownership of a corporation

a person who owns a corporations stock