Unit 6: Business Organizations Flashcards by L T | Brainscape

Q

Sole Proprietorship

A

Simplest form of biz
Single owner
No docs to file/register
Taxed once
Personal assets at risk (no bueno)

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Q

A

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Q

Partnership

A

2+ ppl
Partners have fiduciary duty (duty of care/duty of loyalty)
Each partner gets 1 vote
Pass through entity
Interest in partnership is equal unless specified in the partnership agreement

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Q

Uniform Partnership Act (UPA)

A

Governs operations of a partnership if no express agreement

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Q

A

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