COMM 200 Chapter Notes - Chapter 13-14: Income Statement, Financial Statement, Limited Liability Partnership

• School: Queen's University
• Department: Commerce
• Course: COMM 200
• Professor: Gary Bisonnette

Document Summary

Chapter 13: introduction to capital and financial markets. Business that is owned by one person and that is initiated without requirement to create a separate legal entity. Organization that is formed by two or more individuals. Written agreement among the partners that outlines the expectations of each partner and details how the partnership is going to work. Liability obligation of partners as a result of a legal contract. Partners can be held individually liable for their share of the obligation in the event that the other parties to the agreement are unable to pay their obligations. Written agreement among partners that details the sale by one partner and the purchase by another of the business interest of the selling partner. Partnership that is made up of both general partners and limited partners. Business entity that legally is separate and distinct from its owners.