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COMPANY LAW (Types of Business Entities (Partnerships (General (Agreement,…

- - - - Agreement, expressed or implied, between two or more persons who join together to carry on a business venture for profit. Each partner contributes with money, property, labor, or skill; each shares in the profits and losses of the business; and each has unlimited personal liability for the debts of the business.
    - - Limit the personal liability of individual partners for the debts of the business according to the amount they have invested. Partners must file a certificate of limited partnership with state authorities.
- - - - Open or public corporations: freely tradable shares. Listed or Publicly Traded.
      - Closed or private corporations: restrictive tradability of shares. Unlisted
  - - - The board is separated from the operational managers of the corporation. It must be elected mostly by the firm's shareholders but it must remain separated from them. Also, it must have multiple members.