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Selecting a form of busines ownership Chapter 4, Section 1
Terms in this set (5)
Business owned by only one person.
Legal condition under which an owner or investor is personally liable for all debts of a business.
Partnership (or general partnership)
Business owned jointly by two or more people
Partnership made up of a single general partner (who runs the business and is responsible for its liabilities) and any number of limited partners.
Legal entity that is entirely separate from the parties who own it and that is responsible for its own debts.
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