business 100 chapter 4 part 1

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Anonymous
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135915
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business 100 chapter 4 part 1
Updated:
2012-02-16 23:23:23
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business 100 chapter part
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business 100 chapter 4 part 1
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  1. sole proprietorship
    a business that is owned (and usually operated) by one person
  2. advantages of sole proprietorship
    ease of start-up and closure, pride of ownership, retention of all profits, flexability of being your own boss, no special taxes
  3. disadvantages of sole proprietorship
    unlimited liability, lack of continuity, lack of money, limited management skills, difficulty in hireing employees
  4. unlimited liability
    a legl concept that holds a business owner personally responsible for all the debts of the business
  5. lack of continuity
    the sole proprietor IS the business
  6. partnership
    a voluntary association of two or more persons to act as co-workers of a business for profit
  7. general partner
    a business co-owned by two or more general partners who are liable for everything the business does
  8. limited partner
    a person who contributes capital to a business but has no management responsibility or liability for losses beyond the amount he or she invested in the partnership
  9. limited partnership
    a business co-owned by one or more general partners who manage the business and limited partners who invest money in it
  10. master limited partnership (publically traded partnership)
    a business partnership that is owned and managed like a corporation but often taxed like a partnership
  11. the partnership agreement
    agreement listing and explaining the terms of the partnership
  12. advantages of partnerships
    ease of start up, ability of capital and credit, personal interest, combined business skills on knowledge, retention of profits, no special taxes
  13. disadvantages of partnerships
    unlimited liability, management disagreements, lack of continuity, frozen investment
  14. limited liability partnership
    a partner may have limited-liability protection from legal action resulting from the malpractice or negligence of the other partners
  15. corporation
    an artifical person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts
  16. stock
    the shares of ownership of a corporation
  17. stockholder
    a person who owns a corporations stock

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