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Class: FIN - Finance 1 - Introduction; Subject: Finance; University: University of Houston-Downtown; Term: Forever 1989;
Typology: Quizzes
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TERM 1
DEFINITION 1
TERM 2
DEFINITION 2
TERM 3
DEFINITION 3
DEFINITION 4
DEFINITION 5
TERM 6
DEFINITION 6 SOLE PROPRIETORSHIP- business owned by an individual, owner retains title and is responsible without limitation for liabilities incurred. proprietor is entitled to profits but must also absorb losses. PARTNERSHIPS- assoc. of 2 or more persons General Partnership- each partner is fully responsible for the liabilities incurred by the partnership. Partnership agreement may be oral or formal document. Limited Partnership- one or more of the partners to have limited liabilty, restricted to the amount of capital invested in the partnership. At least one partner must have unlimited liability, name of limited partner may not appear in the name of the firm. A limited partnership provides limited liability for a partner who is purely an investor.