Midterm - Chapter 26 (Sole Proprietorships and...

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Chapter 26 (Sole Proprietorships and Partnerships) - Sole Proprietorship: Single Owner - Name must be registered, must be licensed, must take proper steps to tax obligations - Partnership: two or more persons (either a natural person or a legal person), - Does not require formality procedures to form a partnership - “relation which subsists between persons carrying on a business in common with a view of profit” - Partnership Act (1890) - Written agreements are not mandatory - Actions that show aspects of partnership can consider two or more parties as a partnership - Receipt of a share of the profits of the business (strong evidence) - Management - Creditors have the first call against the asset - Joint Liability - Fiduciary Duties (Information) true accounts and full information of all things affecting partnership to any partner or his legal representatives, several classes of partner variance (Secret Benefits) All benefits to the firm (Duty Not to Compete) - Limited Partnership - Limited Liability Partnership Chapter 27 - Limited Liability - Transfer of Ownership - Duty of Good Faith - Continuity: exists independently of any of its shareholders
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Midterm - Chapter 26 (Sole Proprietorships and...

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