There are three different types of partnerships discussed in this week’s reading assignment. The oldest and most common partnership is a general partnership which is when two or more people come together to start or carry-on a business as co-owner for profit. The second type is a limited partnership where there is both general partners and limited partners that break down to managers of the business and investors in the business. The final type of partnership is a Limited Liability Partnership (LLP) where no one is the manager or liable for the debts and obligations. With LLP all partners involved are limited, or investing partners.
A corporation is a form of business organization in which the owner’s, or shareholders, are only liable to the extent of their capital contributions. When describing a corporation it is safe to say that it is a fictitious entity that can both sue and be sued under its own name. There are two different types of corporations classified as S Corporation which is those that elect to be taxed under Subchapter S and all others are classified as C Corporation. Thomas F. Goldman Henry R. Cheeseman The Paralegal Professional page 678 (2011).
There are three different classifications of crimes depending on severity and type of crime committed determines whether it is a violation, misdemeanor, and felony. The three are similar in the fact that with all three there is the chance of imprisonment. Though they do have that in common these three are very different. The most severe crimes that you can commit are classified as felonies which typically consist of murder, rape, embezzlement, bribery and more. Felonies such as first degree murder can also be punishable by death. Misdemeanor is the next type of crime as far as severity which can be robbery, burglary, and violations of regular statues. This is punishable both by imprisonment and fines. The