by Lea Strickland | Jul 31, 2010 | Glossary
Type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the...
by Lea Strickland | Jul 31, 2010 | Glossary
Limited Liability Company, which combines the limited personal liability feature of a corporation with the single taxation feature of a partnership or sole-proprietorship firm. Its profits and tax benefits are split any way the stockholders/ shareholders (whether...
