Examlex
In general, disabilities that are seen as-------------------are viewed more negatively.
Professional Corporation
Identical to a business corporation in most respects. A professional corporation is formed by filing with the secretary of state, and it is managed by a board of directors, unless a statute permits it to be managed like a partnership. The rigid management structure makes the professional corporation inappropriate for some smaller professional practices.
Personal Liability
Legal responsibility of an individual to settle debts or legal judgments from their assets, not protected by business structures or limited liability.
Limited Partners
Investors in a partnership who have limited liability to the extent of their investment and are not involved in day-to-day management decisions.
Limited Partnership
A partnership where at least one partner has limited liability for the debts of the business, while at least one other has full liability.
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