BA 1100 Study Guide - Midterm Guide: Uniform Partnership Act, Limited Liability Company, Sole Proprietorship
21 Mar 2017
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Business owned and operated by one individual; the most common form of business organization in the us. Large corporations have better profits and job opportunities. Difficult to match wages of large corporations. A form of business organization defined by the uniform partnership act as an association of two or more persons who carry on as co-owners of a business for profit . Form of ownership that provides limited liability and taxation like a partnership but places fewer restrictions on members. Considered a blend of the best characteristics of corporations, partnerships, and sole proprietorships. The combination of two companies (usually corporations) to form a new company. Firms that make and sell similar products to the same customers merge. Companies operating at different but related levels of an industry merge. Any independently owned and operated business that is not dominant in its competitive area. An independent agency of the federal government that offered managerial and financial assistance to small businesses.
