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Partnerships - Business Law

Benefit of corporate form of business
Partner not publicly known and does not take an active role in management
One owner, unlimited liability
Form of ownership by which partners hold partnership property
Partner who is not publicly known but is actively managing
Separate legal entity created by law of the state
Two or more owners, pooled skills and financial resources
Buys and sells goods and services commercially
The step in termination of a partnership that precedes winding up
Personal assets are at risk
Publicly known, but does not take active role in partnership
Two or more people/firms join to do a specific project
Partner whose liability is restricted to his/her investment