Small Business Management Study Set 2
Quiz 8: The Organization of the Business
Joint and Several Liability Means That Any Partner May Legally
Joint and several liability means that any partner may legally bind in good faith other partners in a contract or agreement.
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Ownership in a corporation is evidenced by stock certificates.
A corporation's charter should be brief, in accord with state law, and broad in the statement of the firm's powers.
An ownership interest does not automatically confer a right to act for or to share in the management of a corporation.
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