HOW TO START YOUR OWN BUSINESS ... AND MAKE MONEY!
All About Proprietorships & Partnerships*
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The Sole ProprietorshipWhat is the sole proprietorship?What distinguishes a sole proprietorship?The PartnershipWhat is the partnership?How can it be that two or more persons each have the authority to manage and control the business?
What about risk?What is the legal relationship between partners?What are the legal rights of each partner?What, if any, liability does a partner have to outsiders?What liability does the individual partner have against the claims of such a creditor?The Limited PartnershipWhat do the limited partners receive for their investment?Why are the investors called "limited partners"?Should a limited partnership fail, what are the limits of liability of the limited partner?
* This article is excerpted from How To Start Your Own Business . . . And Make Money!, by Robert R. Thompson. Republished with permission of the author. The information contained in this publication is provided solely for general educational purposes and does not constitute legal advice, nor does it create a business or professional relationship. © Copyright 2007 Robert R. Thompson.
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