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bus 2011.9.7 - what gives them limited libality Basic type...

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Types of Liablility What is unlimited liability? Owners responsible to pay all debts of business. Personal assets What’s limited? Owners responsible for losses only up to what they invest What are the 3 general forms of business ? Sole proprietorship Partnership Corporation What’s the difference between a limited partner and a general partner? General: each partner manages firm Each GP has unlimited liability Limited: at least one GP; rest are silent parners Passive means they cannot actively mange firm Passive investor Corporate form of ownership Origin of the term From latin copus Corporations What are the main advantages of incorporating a business? 1. limited liability, and more money can be raised
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Unformatted text preview: what gives them limited libality? Basic type of corporations Private or closely held: not traded on any stock exchange; stock held by a few Some are big: hallmark, bose, master card and mars Many are relatively small; even individuals can incorporate Don’t have to share financials with outsiders Public: shares traded on stock exchanges, widely held by many people and institutions Financial stements are open to the public Non-profit: performs public service, special tax considerations Sole prop Small Easy-unlimited liability Llc+ limited liabilities Corp+limited liabilities-2x taxes-expensive...
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