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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 |