The most common and most simple form of business organisation, often just one person.
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Definition of partnership
The simplest way two or more people can be in business together, where partners are jointly and personally responsible for debts.
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Definition of unlimited liability
Unincorporated businesses, such as sole traders and partnerships, have unlimited liability, which means that the owners are responsible for all the business' debts.
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Definition of limited liability
Investors (shareholders) in a limited company can only lose their investment in the business if it fails; they cannot be forced to sell assets to pay off the firm's debts.
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Definition of incorporation
The process of forming a limited liability company such as a ltd or plc.
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Definition of management conflcit
Conflict management is the practice of being able to identify and handle conflicts sensibly, fairly, and efficiently.
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Front
Definition of partnership
Back
The simplest way two or more people can be in business together, where partners are jointly and personally responsible for debts.
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