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Introduction to Business Unit 1 Chapter 5
Terms in this set (11)
A business that is owned and usually managed by one person.
A legal form of business with two or more owners.
A partnership in which all owners share in operating the business and in assuming liability for the business's debts.
A partnership with one or more general partners and one or more limited partners.
Limited Liability Partnership
The responsibility of a business's owners for losses only up to the amount they invest; limited partners and shareholders (stockholders) have limited liability.
A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Conventional Corporation "C Corp"
A state-chartered legal entity with authority to act and have liability separate from its owners.
The joining of two companies involved in different stages of related businesses.
The joining of firms in the same industries.
The joining of firms in completely unrelated industries.
One company's purchase of the property and obligations of another company.
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