COMM 103 Chapter Notes - Chapter 13: Retained Earnings, Interest Expense, Legal Personality

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Partnership: is a business organization that is formed by two or more individuals. Partnership agreement: is a written agreement among the partners that outlines the expectations of each partner and details how the partnership is going to work. Joint and several liabilities: refers to the liability obligation of partners as the result of legal contract. Partners can be held individually liable for their share of the obligation (several), or fully liable for the full obligation (joint) in the event that the other parties to the agreement are unable to pay their obligations. Limited liability partnership: is a partnership that is made up of both general partners (at least one) and limited (passive) partners. General partners assume the full liability exposure of the partnership, while limited partners contribute capital, but are not involved in the running of the business and thus have limited liability. Corporation: is a business entity that, legally, is separate and distinct from its owners.

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