Textbook Notes (363,559)
Canada (158,426)
MGTA01H3 (583)
Chapter 4

Chapter 4 notes (What I used to study for final)

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 4 Sole proprietorship: a business owned and operated by one person Unlimited liability: personal liability of all debts of the business Partnership: a form of organization established when two or more persons agree to combine their financial, managerial, and technical abilities for the purpose of operating a business for profit General partnership: a type of partnership in which all partners are jointly liable for the obligations of the business Limited partnerships: a type of partnership with at least one general partner (who has unlimited liability) and one or more limited partners. Limited partners cannot take part in day-to-day managerial decisions or they lose their limited liability status General partners: partners who are actively involved in the firm and share the unlimited liability Limited partners: partners who dont take part in the business and whose liability is limited to the amount they invested in the partnership Corporation: a busin
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