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| The Corporation: The Conventional Business Entity |
A corporation is a legal entity or association. The association is comprised of shareholders, members of the board of directors, and corporate officers.
| Contract Law: Forming a Contract |
A contract is a promise or set of promises which the law affords a remedy if the promise is breached. Contracts do not have to be in writing in order to be enforceable; however, contracts must be valid in order to be enforceable. Contracts are enforceable if certain requirements are satisfied, including mutual [...]
| Limited Liability Partnership: a Business Entity for Joint Ventures |
A limited liability partnership is a joint undertaking where at least one partner is a general partner and the other partners are limited partners. The general partners operate the business operations. The limited partners play a less active role. Indeed, the limited partners are usually mere investors in the limited liability partnership.
| General Partnership: The Basic Business Partnership |
A general partnership is a joint undertaking involving co-venturers. The partners carryout the partnership’s business operations. Unlike limited liability partnerships, the general partnership does not have limited partners who play a less active role in the business.
| Partnership: the Default Business of Joint Ventures |
A partnership is a business consisting of two or more persons (or entities) that agree to work together with the intent to earn a profit. A partnership is the default business structure when two or more parties begin the joint venture.
