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D.B.A (Doing Business As) Sole Proprietorship
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A form of business in which the owner and the business are one; business is not a separate legal entity. Common designation while under a trade name in a sole proprietorship.
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Name of Sole Proprietor or Trade Name Trade Name.
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When used in a sole proprietorship, a fictitious business name statement must be filed with the appropriate government office. Business names in a sole proprietorship.
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Sole Proprietorship Sole Proprietor
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Personally liable for the debts and obligation of the sole proprietorship. Simplest business form, but most exposure.
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General Partnership General Partnership
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An association of two or more persons to carry on as co-owners of a business for profit. Do not pay federal income taxes; income and losses flow onto individuals’ federal income tax returns.
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Partnership Agreement Partnership Agreement
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Agreement establishing a general partnership. Sets forth the terms of the partnership; good practice to have it written, where partners sign.
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General Partnership Partners’ Contract Authority
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by a partner with a third party on behalf of a partnership; binding on the partnership. Split profits and losses
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Exam2 - Flashcards(3) - The flashcards are formatted for...

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