MGTA01H3 Chapter 4: Chapter 4 notes (What I used to study for final)
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MGTA01H3 Full Course Notes
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Document Summary
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 don"t take part in the business and whose liability is limited to the amount they invested in the partnership.
