click below
click below
Normal Size Small Size show me how
Economics Ch 8.2
Question | Answer |
---|---|
is a business organization owned by two or more persons who agree on a specific division of responsibility and profits | partnership |
partners in a general partnership share equally in both responsibility and liability | general partnership |
only one partner is required to be a general partner | limited partnership |
in this type of partnership all partners are limited partners | limited liability partnership LLP |
this legal document spells out each partners rights and responsibilities | articles of partnership |
are a partner's money or other valuables | assets |
is the legality bound obligation to pay debts | liability |
are payment to employees other than wages and salaries | fringe benefits |
is a business owned and managed by a single individual | sole proprietorship |
is an establishment formed to carry on commercial enterprise | business organizations |
cities and town often designate separate areas for residential use and business use | zoning laws |
is an authorization from the local government to form a business | business license |
an example of a fringe benefit | retirement pay |