Unformatted text preview: 11. i. Full responsibility
b. Advantages i. More control ii. Easy to establish iii. Freedom
v. Flexibility 2. Partnership: Two or more people legally agree to be co—workers c. Disadvantages
i. Unlimited liability
ii. More management disagreements :1. Advantages
i. Strength in numbers ii. More resources iii. More ability to raise capital
iv. Partnership agreements f? 3. Corporations: A legal entity with authority to act and have liability separate from it’s owners
- Can buy and sell properties.
a Can borrow money.
I Can sue and be sued. Mesa
0 A separate entity. 0 Perpetual life: the company lives on even if the owners do not.
0 Easier to Raise Capital W
0 Double the tax a Double the regulation General Partnership: A partnership in which all OWners share in operating the business and in
assuming liability for the businesses debts. ' Limited Partnership: A partnership with one or more general partners and one or more limited
partners. Silent or Limited Partner: An owner who invests money in the business but does not have any
management responsibility or liability for losses beyond the investment. 12. Leadership: what is it, different types, ...
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- Fall '08