COMM 200 Chapter Notes - Chapter 13: Legal Personality, Limited Liability Partnership, Sole Proprietorship
18 Oct 2015
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Document Summary
Chapter 13: introduction to capital and financial markets. Business ownership options: a key initial decision associated with the formation of a business is the type of legal structure to be utilized in order to enable the individual, or individuals, to commence business operations. Sole proprietorships: sole proprietorship: refers to a business that is owned by one person and that is initiated without a requirement to create a separate legal entity. Joint and several liabilities: refers to the liability obligation of partners as the result of legal contact. Corporations: corporation: a business entity that legally is separate and distinct from its owners, the distinct separate legal entity is established by the process of incorporation. Initial public offering: refers to the initial sale of stock by a corporation through a public exchange: exchange: is an organization that facilitates the trading of securities, stocks, commodities, and other financial instruments.
