BUSI 1800 Chapter 6: Forms of Business.docx
11 Feb 2015
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Is a legal form of business with two or more parties: a general partnership is a partnership in which all owners share in operating the business and in assuming liability for the business" debts, a limited partnership is a partnership with one or more general partners and one, general partner, limited partner, limited liability is an owner who invests money into the business but does not is an owner (partner) who has unlimited liability and is active in or more limited partners. managing the firm. have any management responsibility or liability for losses beyond the investment. is the responsibility of a business" owners for losses only up to the amount they invest; limited partners and shareholders have limited liability. personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision. a partnership that limit partner"s risk of losing their, limited liability partnership, advantages:
