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The first generation of computers relied on _______________.
Sole Proprietorship
A business owned and operated by one person, where there is no legal distinction between the owner and the business entity.
Unlimited Life
Refers to corporations having a perpetual existence, not limited by time, allowing them to continue operations indefinitely unless dissolved.
Agency Problem
A conflict of interest arising between principals (owners/shareholders) and agents (company executives/managers), where the agent may make decisions that benefit themselves at the expense of the principals.
Partnership Agreement
A legal document that outlines the rights, responsibilities, and profit and loss distribution among partners in a business partnership.
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