ADMS 2610 Study Guide - Final Guide: Leasehold Estate, Renews-Cappahayden, Price Discrimination

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Sole proprietorship- sole owner is responsible for the management and the debts of a business. Pros freedom to make decisions quickly and without much arguing, Cons- unlimited liability and hard to gather funds. Partnership- a legal relationship between two or more persons for the purpose of carrying on a business with a view of profit. Pros- split costs and pooled start up capital, cons- takes a little longer to make decisions because it requires all partners to agree upon something to make a decision or go through with it, joint liability. Partnerships include and must agree upon: statement of purpose, amount of capital contributions, allocation of profit and loss, responsibilities and authority of partners, signing authority over accounts and assets, growth/ reduction in number of partners, dispute resolution. Limited partnership- a partner who may not actively participate in management of the firm but has limited liability.

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