Tag: Business & Investing
Posted on 2010-10-06. By anonymous.
Publisher: Schweser Kaplan | ~2000 pages | 2008 | PDF | 64 MB
A limited liability company is classed as a separate legal entity from its owners. The owners (shareholders) may be different to the managers (Board of Directors). A shareholder’s liability is limited to their investment. A partnership is different to a limited company in that there is no separate legal entity. Sole traders have unlimited liability for business debts as they are classed as the same legal entity as the business. There is no restriction on the number of partners in a partnership agreement.
CFA 2009 Level 1 Quicksheet
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