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Forming and Dissolving Business Organizatons

Review what a proprietorship is, the advantages and disadvantages of a proprietorship, how to form and dissolve a proprietorship. Review what a partnership is, the advantages and disadvantages of a partnership, how to form and dissolve a partnership. Review what a corporation is, the advantages and disadvantages of a corporation, how to form and dissolve a corporation.
AB
DissolutionThe process of stopping the operation of a business.
LiquidationThe process of paying all liabilities of a business and distribution remaining cash to the owner(s).
Partnership agreementA written agreement setting forth the conditions under which a partnership is to operate.
Articles of incorporationA written application requesting permission to form a corporation.
Par valueA value assigned to a share of stock and printed on the stock certificate.
Par-value stockA share of stock that has an authorized value printed on the stock certificate.
ProprietorshipA business owned by one person.
PartnershipA business in which two or more persons combine their assets and skills.
CorporationAn organization with the legal rights of a person and which may be owned by many persons.

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