Partnerships Vocab

Front

Partnership where multiple parties combine resources for a complex project.

Back

joint venture

Front

A partner not publicly known but involved in management.

Back

secret partner

Front

Partnership where all partners have full personal liability for firm debts.

Back

general partnership

Front

Partners responsible only up to their investment

Back

limited partnership

Front

May be known to the public, but takes no part in management

Back

silent partner

Front

Co-ownership of a business for profit.

Back

Partnership

Front

A business entity created by federal or state law, existing separately from its owners.

Back

corporation

Front

Company owned by one person

Back

sole proprietorship

Front

When a partner stops participating in business operations

Back

dissolution

Front

A partnership where a partner can withdraw anytime without liability.

Back

partnership at will