COMMERCE 1E03 Lecture Notes - Lecture 2: Market Impact, Liberation Tigers Of Tamil Eelam
19 May 2016
School
Department
Course
Professor
Document Summary
Sole proprietorship: a business that is owned directly, and usually managed, by one person. Partnership: a legal form of business with two or more owners. Corporation: a legal entity with an existence separate from its owners. Unlimited liability: the responsibility of a business owner for all of the debts of the business, making the personal assets of the owner vulnerable to claims against the business. Limited partner: owner who invests money in the business, but doesn"t have any management responsibility or liability for losses beyond the investment (have limited liability) Limited liability: the responsibility of a business"s owners for losses only up to the amount they invest. General partner: an owner (partner) who has unlimited liability and is active in managing the firm. Partnership agreement: legal document that specifies the rights and responsibilities of each partner. Public corporation: corporation that has the right to issue shares to the public, so its shares may be listed on the stock exchanges.
