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limited liability partnership
Partnerships have unlimited liability, while corporations have limited liability.
Partnerships have unlimited liability, while corporations have limited liability.
Partnerships have unlimited liability, while corporations have limited liability.
Partnerships have unlimited liability, while corporations have limited liability.
One form of business ownership is sole proprietorship. This is an individual owner or a married couple. Some of the other types are limited partnerships, corporations, general partnerships, and limited liability partnerships.
Corporations, partnership/joint ventures, limited partnerships, limited liability companies, etc.
Liability of individuals, corporations, or partnerships for accidents caused by people other than employees for whose acts or omissions the corporations or partnerships are responsible. This particular situation may arise when an independent contractor is hired. The business can be held liable for negligent acts of the contractor to the extent that its representatives give directions or exercise control over the contractor's employees.
The definition of Unlimited Liability should give you a clue into what it refers to.The liability of the owner of a business for all the obligations of a business. An owner's personal assets (private home, etc) can be seized in order to pay any debts incurred by the business he owns. The placement of personal assets at risk is a great disadvantage of proprietorship and general partnerships. The ability to limit the amount of liability an owner is subject to is a major reason for the formation of corporations and limited partnerships.
There are many types of business that are defined by different legal systems in different countries. They include partnerships,sole traders, limited liability company,cooperatives and corporations.
partnerships, corporations, and sole proprietorships
There are 5 types of small businesses: 1) Not for Profit and Charitable organizations 2) Corporations 3) Limited Liability Partnerships 4) Limited Liability Companies 5) Sole ownership