COMM 1010 : COMM 1010 - Chapter 6 Vocabulary.docx

• School: Dalhousie University
• Department: Commerce
• Course: COMM 1010
• Professor: Mc Larney

Document Summary

Sole proprietorship: a business that is owned and operated by one person, without forming a corporation. Partnership: a legal form of business with two or more parties. Corporation: a legal entity with authority to act and have liability separate from its owners. Liability: for a business, it includes the responsibility to pay all normal debts and to pay because of a court order law, for performance under a contract, or payment of damages to a person or property in an accident. Unlimited liability: the responsibility of business owners for all of the debts of the business. General partnership: a partnership in which all owners share in operating the business and in assuming liability for the business"s debts. Limited partnership: a partnership with one or more general partners and one or more limited partners. General partner: an owner (partner) who has unlimited liability and is active in managing the firm.