the liability of shareholders to a company is limited to only the mount they invested
unlimited liability
the owners of a business can be held responsible for the debts of the business they own. their liability is not limited to the investment they made in the business
partnership agreement- also know as a deed of partnership
the written and legal agreement between business partners.
unincorporated business
one that does not have a separate legal identity- ex: sole trader and partnership
incorporated businesses
companies that have a separate legal identity from their owners
Chain of production - the production and supply of goods to the final consumer involves activities from primary, secondary and tertiary sector businesses
