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LGS 200 Charlye Adams exam 3 WITH 100- CORRECT ANSWERS
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LGS 200 Charlye Adams exam 3 WITH 100- CORRECT ANSWERS
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EUNICELGS 200 Charlye Adams exam 3 WITH 100% CORRECT
ANSWERS
Entrepreneur a person who forms and operates a business
Sole Proprietorship individual business owner is the business. simplest and easiest business entity
voluntary association of two or more persons to carry on a as co-owners of a
General Partnership
business for profit
If a general partnership is going to
Statute of frauds
continue for more than one year, the partnership agreement must be in writing
pass through taxation. profits and losses are reported on the personal income tax
Partnership Taxation
returns of the partners
equal rights. each partner has one vote, majority rules. unanimous consent to alter
Management Rights of Partnership
the nature of the firm.
Unless otherwise agreed, profits and losses are shared equally, regardless of the
Partnership interest
amount of a partner's capital contribution
each partner, active or inactive, is entitled to inspect all books and make copies.
Inspection of the books
representative of a deceased partner has the same right
partner must refrain from "grossly negligent or reckless conduct, intentional,
Duty of care
misconduct, or a knowing violation of law"
requires a partner account to the partnership for "any property, profit, or benefit" and
Duty of loyalty
refrain from competing with the partnership
Joint liability. all partners are liable for partnership obligation- contracts, torts, and
Liability of partners
breaches of trust. partnership assets are exhausted first
only liable to the extent of his/her capital contribution for preexisting partnership
Income partner liability
debts and obligations
the voluntary association of two or more people as co-owners of a business for
Limited Partnership
profit. Must be one general partner and one limited partner
limited to the capital contributions that the partner contributes to the firm. partner
Liability in Limited Partnership
who participates in the management of the firm will be as liable as a general partner
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