Entrepreneurship & Small Business Management: Section 7.1.

What is a sole proprietorship?
A business that is owned and operated by one person.
What is liability protection?
A part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims.
What is unlimited liability?
Full responsibility for all debts and actions of the business.
What is a partnership?
An unincorporated business with two or more owners.
What is a general partner?
A participant in a partnership who has unlimited personal liability and takes full responsibility for managing the business.
What is a limited partner?
A partner whose liability is limited to his or her investment.

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