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10 Cards in this Set
- Front
- Back
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Partnership
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An association of two or more persons who co-own a business for profit.
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Partnership Agreement
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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.
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Dissolution
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Ending of a partnership.
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Mutual Agency
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Every partner can bind the business to a contract within the scope of the partnership's regular business operations.
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Unlimited Personal Liability
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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.
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General Partnership
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A form of partnership in which each partner is an owner of the business, with all the privileges and risks of ownership.
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Limited Partnership
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A partnership with at least two classes of partners: a general partner and limited partners.
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Limited Liability Partnership
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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.
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S Corporation
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A corporation taxed in the same way as a partnership.
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Liquidation
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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.
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