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7 Cards in this Set

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