Unformatted text preview: or general partner.
In general partnerships, each partner has
unlimited Corporate Form of Ownership
Origin of the term:
– From Latin corpus, which means
A legal entity with a life of its own,
apart from those who manage it
– Can sign contracts
– Can sue and be sued Articles of Incorporation filed with
state serves as “birth certificate” for
A single person can be a corporation,
does not need to be lots of owners.
What are the main advantages of incorporating a
→ Limited liability, and more money can be raised
What gives them limited liability?
→ The separation of ownership from control.
The Typical Corporate Structure The stockholders own the
company; majority rules. The
The Board of Directors govern
The officers manage the
company and make the dayto-day decisions...
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