Sole Proprietorship - A business that is owned and operated by one person., Liability Protection - protects you financially if you're responsible for someone else's injuries or property damage, Unlimited Liability - Full responsibility for all debts and actions of a business., Partnership - An unincorporated business with two or more owners., General Partner - A participant in a partnership who has unlimited personal liability and takes full responsibility for managing a business., Limited Partner - A partner whose liability is limited to his or her investment., Corporation - Is a business that is registered by a state and operates apart from its owner., C-corporation - Is an entry that pays taxes on earnings., Shareholders - Are the owners of the corporation., Limited Liability - Are liable only up to the amount of their individual investment., Subchapter S Corporation - Is a corporation that is taxed like a partnership., Nonprofit Corporation - Is a legal entry that makes money for reasons other than the owner's profit ., Limited Liability Company - A company whose owners and managers enjoy limited liability and some tax benefits.,

Chapter 7

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