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o is responsible for all of its debts ? Partnership ? Business coowned by two or more persons ? Corporation ? Business that is legally considered an entity separate from its owners and is liable for its own debts。 owners’ liability extends to the limits of their investments. Lecture 1 Advantages and Disadvantages 1 2 3 4 Advantages Freedom Privacy Low startup costs Ease of starting and ending the business Disadvantages Unlimited liability Limited resources Lack of continuity Overwhelming time mitment Sole Proprietorship Sole Proprietorship Lecture 1 1 2 3 4 Advantages Improved access to resources Better prospect for growth Definite legal framework No special taxes Disadvantages Unlimited liability Shared profits Potential lack of continuity Internal conflicts Partnership Partnership Advantages and Disadvantages Terminology responsible for paying all the debts of a business liable for a business’ debts only to the limits of their personal investments in it Partner who actively manages a business and has unlimited liability for its debts Partner who does not share in a business’ management and is liable for its debts only to the