Lessons CHAPTER 31 Forms of Business Organization 31-1 Basic Attributes of Business Organizations 31-2 Creating and Terminating Partnerships 31-3 Operating Partnerships GOALS LESSON 31-1 Basic Attributes of Business Organizations
CHAPTER 31Forms of Business Organization
31-1Basic Attributes of Business Organizations
31-2Creating and Terminating Partnerships
LESSON 31-1Basic Attributes of Business Organizations
Discuss the basic attributes of the sole proprietorship, partnership, and corporation
Determine which one form of organization may be best in a particular situation
Explain the risks of utilizing each form of business organization
A sole proprietorship is a form of business owned by one person who has total unlimited liability.
A partnership is an association of two or more persons to carry on as co-owners of a business for profit.
A corporation is a legal entity created by the authority of federal or state law.
LESSON 31-2Creating and Terminating Partnerships
Explain how a partnership is formed
Identify different types of partnerships and partners
Discuss the ways in which a partnership can be terminated and what happens when this occurs
LESSON 31-3Operating Partnerships
Discuss a partner’s rights and duties
Determine when a partner has authority to act
Discuss a partner’s potential liability