checkpoint for bus210 - proprietors Scenario Two people...

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A joint stock company is a type of business entity. It is a type of corporation or partnership between two companies. A limited liability company in the law of vast majority of United States jurisdictions is a legal form of Business Company that provides limited liability to its owners. A partnership is a type of business entity in which partners share with each other the losses and profits of the business undertaking in which all have invested. A sole proprietorship is a type of business entity which legally has no separate existence from its owner. The limitations enjoyed by a corporation and limited liability partnerships do not apply to sole
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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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