Business ch 5

Business ch 5 - Term Definition Sole Proprietorship A...

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Term: Sole Proprietorship Definition: A business that is owned and usually managed by one person Term: Partnership Definition: A legal form of business with two or more owners Term: Corporation Definition: A legal entity with authority to act and have liability apart from its owners Term: Unlimited Liability Definition: The responsibility of business owners for all of the debts of the business Term: General Partnership Definition: A partnership in which all owners share in operating the business and in assuming liability for the business's debts
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Term: Limited Partnership Definition: A partnership with on or more general partners and one or more limited partners Term: General Partner Definition: An owner (partner) who has unlimitedlibality and is acting in managing the firm Term: Limited Partner Definition: An owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment Term: Limited Liability Definition:
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