Proprietorships and Partnerships
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| Flap 2 | |
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| assets | things owned |
| balance sheet | financial document used in business |
| proprietor | owner of a business |
| partnership | two or more owners of a business |
| limited partnership | legal arrangement allowing partner to be liable only for the amount invested |
| unlimited financial liability | owner(s) is responsible for the debts of the business |
| creditors | those to whom money is owed |
| liabilities | what the business owes |
| sole proprietorship | a business owned by one person |
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