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Unformatted text preview: networks that can provide a steady flow of clientele however; he did not have the capital to pay the bills if he were to rent out the space for his practice. He decided to have his friend, April to help him. April is also a new law graduate and both decided they’ll be 50-50 partners, establishing a limited liability partnership. April will bring the capital for start up costs such as phone, fax, desks, chairs, rent, office supplies, and other things while Phillip will provide the first clients. The profits will be shared 50-50. Sole Proprietorship-Don wanted to start his business quick and didn’t want to go through too much paperwork so he decided to not incorporate his business. This meant all the debt the business will acquire, Don will be personally liable for it. He will be the one and only owner but will take on risks if he is not successful....
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This note was uploaded on 04/28/2010 for the course BUS 210 taught by Professor Scottrought during the Spring '08 term at University of Phoenix.
- Spring '08