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13 Cards in this Set
- Front
- Back
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unincorporated businesses |
sole proprietorships and partnerships - come into existence without any government involvement necessary |
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sole proprietorships |
unincorporated business organization owned by only one person |
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unlimited liability |
sole proprietorship's creditors may collect from personal assets |
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what does a sole proprietorship have to file to register? |
statement of registration |
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partnership |
voluntary association of two or more persons who jointly own and carry on a business with a view to profit |
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partnership agreement |
a contract defining the partners' rights and duties toward one another (rather than the partners' relationship with third parties) = purpose to set out the entire terms of the relationship between the partners |
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partners must be |
natural persons (individuals) or legal persons (corporations) |
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registration of a partnership |
Statement of Registration - general partnership |
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joint liability |
each partner is liable up ot the full amount of the debt or obligation |
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several liability |
partner's estate will only be liable for his or her portion of the partnership's debts or obligations |
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Limited Partnerships consist of |
one or more general partners; one or more limited partners |
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profession |
governed or regulated by an act and a body created by or under the act |
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