Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/10

Click to flip

10 Cards in this Set

  • Front
  • Back
Partnership
An association of two or more persons who co-own a business for profit.
Partnership Agreement
The contract between partners that specifies such items as the name, location, ad nature of the business; the name, capital investment, and duties of each partner; and the method of sharing profits and losses among the partners. Also called articles of partnership.
Dissolution
Ending of a partnership.
Mutual Agency
Every partner can bind the business to a contract within the scope of the partnership's regular business operations.
Unlimited Personal Liability
When a partnership (or a proprietorship) cannot pay its debts with business assets, the partners (or proprietor) must use personal assets to meet the debt.
General Partnership
A form of partnership in which each partner is an owner of the business, with all the privileges and risks of ownership.
Limited Partnership
A partnership with at least two classes of partners: a general partner and limited partners.
Limited Liability Partnership
A form of partnership in which each partner's personal liability for the business's debts is limited to a certain amount. Also called LLPs.
S Corporation
A corporation taxed in the same way as a partnership.
Liquidation
The process of going out of business by sellling the entity's assets and paying its liabilities. The final step in liquidation is the distribution of any remaining cash to the owners.