Definitions
| Term (memorize) | Definition (memorize) |
|---|---|
| Partnership | An association of two or more persons who co-own a business for profit. |
| Partnership Agreement | The contract between partners. Name, Location, nature of business. Name of each partner; capital inventsment, sharing profits and losses. |
| Dissolution | Ending of a partnership |
| Mutual Agency | Every partner can bind the business to a contract. |
| Unlimited Personal Liability | Partners must use personal assets to meet the debt. |
| General Partnership | Each partner is an owner of the business. |
| Limitied Partnership | Has a general partner and limited partners. |
| Limited Liability Partnership | Personal liability is limitied. |
| S Corporations | Taxed the same way as a partnership |
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