Law Chp 10 IDs - Chapter 10 IDs-Sole Proprietorship is the...

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Chapter 10 IDs - Sole Proprietorship is the most common and least expensive business to form in which one person is owner and liable for everything -Owners may be required to file a fictitious name registration if the entrepreneur wishes to start the business under a name other than their own -A Partnership is an association of two or more entities to carry on a business as co- owners. They share in the profits and losses of the enterprise on an equal basis unless there is n agreement stating otherwise. -A partnership may terminate if the time of expiration is reached, the business objectives are completed, or if the partners agree to end the operation -The dissolution of partnership occurs when one or both parties cease to be associated with the business venture. Following the dissolution is the winding up , in which the parties collect assets, pay debts, divide everything, etc… -A Buy-Sell Agreement is a document usually created in advance between business partners dictating how the remaining partners are to buy out the leaving partner -A
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  • Spring '10
  • SamuelHodge
  • Corporation, Types of business entity, -A partnership, -A Buy-Sell Agreement, -A Family Limited, -A Limited Liability

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