This preview shows page 1. Sign up to view the full content.
Unformatted text preview: on a business for profit, making each of them co-owners of a business with joint control over its operation and the right to share in its profits. They could also have a limited partnership which consists of at least one general partner and one or more limited partners. The general partner assumes responsibility for the management of the partnership and liability for all partnership debts, whereas the limited partner has no right to participate in the general management or operation of the partnership and assumes no liability for a partnership debt beyond the amount of capital that he or she has contributed....
View Full Document
This note was uploaded on 01/17/2012 for the course ARE 18 taught by Professor Maxey during the Winter '08 term at UC Davis.
- Winter '08