Unformatted text preview: proprietors. Scenario- Two people open up a salon, one person has sole proprietorship the other does not. Both people have a partnership in the business and they both have limited liability. Another person comes in to the salon and wants a joint stock in the company so the original two owners sell the third person part of the ownership of the salon. Now three people own the salon and each person has a partnership in the business and now they all have limited liability. The first person still has proprietorship so that person makes all the decisions the other two give ideas to the person who has proprietorship....
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- Spring '10
- Corporation, Types of business entity, Types of companies, Legal entities, business entity, business company