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7 Cards in this Set
- Front
- Back
partnership:
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a legal relationship between two or more persons for the purpose of carrying on a business in common with a view to profit.
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joint and several liability:
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where partners individually and as a group have liability for a debt of the partnership.
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dissolution:
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the termination of the partnership relationship.
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limited partner:
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a partner who may not actively participate in the management of the firm, but has limited liability.
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general partner:
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a full partner with unlimited liability for the debts of the partnership.
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Limited Liability Partnership (LLP):
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a partnership where individual partners are liable for the general debts of the partnership and for personal negligence, but not liable for the negligence of other partners.
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joint venture:
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a business relationship between corporations.
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