BL2.CH 30.SP2016.docx - Business Law 2 Chapter 30 1...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Business Law 2 Chapter 30 1. Identify the various types of business associations and explain the factors relevant to deciding which form to use. General Partnership: partners have unlimited liability. Partners all have control. May be dissolved upon death in UPA. Limited Partnership: General partners have unlimited liability, while limited partners have unlimited liability. Controlled by general partners. May be dissolved by death, bankruptcy, or withdrawal of partnership. Limited liability partnership: all members have limited liability. Death, bankruptcy, or withdrawal of member does not dissolve partnership. Corporation: Shareholders have limited liability. Controlled by board of directors elected by shareholders. Unaffected by death, bankruptcy, or withdrawal of shareholder. Corporation taxed. 2. Distinguish between a legal entity and a legal aggregate and identify those purposes for which a partnership is treated as a legal entity and those purposes for which it is treated as a legal aggregate.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern