COMM 103 Study Guide - Midterm Guide: Government Debt, Capital Asset, Initial Public Offering

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gregory Libitz

Document Summary

Proprietorships: have a single owner called the proprietor. They tend to be small businesses or individual professional organizations (lawyers, accountants etc). Legally, the proprietor is personally liable for all the business debts. Flows through to the partners and they recognize it based on their agreed upon xhtakes a proportionate or corporate rate (>?????). The partnership is treated distinctly from personal affairs. Normally each partner is personally liable for a;ll the partnership"s debts. Limited liability partnerships (llp) can limit claims against the partners to the partnership assets. Many partnerships include buy sell agreements: which are a written agreement amount the partners tht detail the sale by one partner and the purchase by another of the business interest of the selling partner. Corporation: is an incorporated business owned by shareholders. A corporation is like an artificial person and possess many of the rights that a person has. Shareholders are not responsible for the company"s debt (they have limited liability).