BUSN 110 Study Guide - Midterm Guide: Limited Liability Company, Limited Liability Partnership, Legal Personality
Document Summary
Chapter 6 study guide: four major choices of ownership, sole proprietorship a. i. Owned and managed by a single person a. ii. A voluntary agreement with 2 or more people acting as co- owners b. ii. All partners can take active roles in management b. ii. 2. One general partner who actively manages and accepts unlimited liability b. iii. 2. One limited partner who gives up the right to manage in exchange for limited liability b. iv. All partners have the right to participate in management and have limited liability: corporation c. i. Business entity created by filing an articles of incorporation form, pays state fees, and meets other requirements c. ii. Owners have limited liability, meaning they aren"t personally responsible for debts and obligations of company c. iv. Owners called stockholders c. v. s corporations c. v. 1. c. v. 2. Operates under simpler, less formal rules than a c c. vii. Doesn"t seek to earn a profit: limited liability company (llc) d. i.
