Business Law Vocabulary

What is the form of business in which one person owns all its assets and has full personal liability for all its debts?

What is an association of two or more persons, as coowners, to carry on a business for profit?

What is the legal entity or artificial person that is created by or under the authority of the laws of a state?

What is a partnership that buys and sells goods and services commercially?

What is an explicit statement, orally or in writing, of the terms and conditions agreed to by the partners for running the partnership?

Who assumes full personal liability for debts of the firm?

What is a partnership that provides professional and noncommercial assistance or advice?

What is it called when all partners assume full liability for debts of the firm?

What is a partner known to the public but who takes no active managerial role?

What is a joint venture?