Exam4-FC - The flashcards are formatted for printing....

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Sole Proprietorship Sole Proprietor
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One person has all the profit and all the loss; personally liable for everything the company does. Respondeat superior makes things worse because the principal can be personally sued for the acts of an agent.
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General Partnership General Partnership
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Two or more people agree to enter into a business relationship for profit. Personally liable for everything a partnership does beyond company assets.
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Fictitious Name Statement Fictitious Name Statement
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Doesn’t need to be filed if you do business in your legal name. Tells the world who the owners of the business are in case you have to sue, filing in the county where you open business.
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Uniform Partnership Act (UPA) General Partnership
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Do not have to be equal in everything they do; should put in writing (UPA) because they don’t last. Written document defining who, where, what, and how of a partnership.
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Limited Liability Company (LLC) Limited Partnership
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Not liable beyond your investment in the partnership, but must
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This note was uploaded on 09/08/2011 for the course BUL 3130 taught by Professor Tessitore during the Summer '08 term at University of Central Florida.

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Exam4-FC - The flashcards are formatted for printing....

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