Chapter 10 - Business Organization Flashcards
1
Q
Sole Proprietorship
A
operated for profit by one individual who is directly responsible
2
Q
Partnership
A
legal relationship between 2+ carrying on a business
3
Q
Joint Venture
A
business activity, usually for a specific time or task, carried on by 2+ parties according to a contract
4
Q
General vs. Limited Partnership
A
General is simpler and all responsibilities are tied evenly to those specific individuals
Limited combines general and limited partners that share obligations based on contributed amount
5
Q
Corporations
A
legal entity created by gov. with legal abilities of a person
Shareholders have limited liability
