Business Ethics

A sole proprietorship is a business that is owned and usually operated by one person. Sole proprietorship is the simplest for m of business and the easiest to start. Sole proprietorships have disadvantages. One disadvantage, for example unlimited liability which id a legal concept that holds a business owner personally responsible for all the debts of the business.
The U.S. Uniform Partnership act defines a partnership as voluntary association of two or more persons to act as co owners of a business for profit. All partners are not necessarily equal. Some may be active in running the business while other may have a limited role. There are types of partners. A general partner is a person who assumes full or shared responsibility operating a business. A general partnership is a business co-owned by to or more general partners who are liable for everything the business does. A limited partner is a person who contributes capital to a business but who has management responsibility ...