A sole proprietorship is formed without any formality, is not a separate taxable entity, is dissolved upon death of the owner, and has unlimited liability for the owner.

Under the common law, a partnership is generally considered to be a legal entity rather than an aggregate of individuals.

Corporations today outnumber unincorporated business associations.

The proportion in which partners bear losses depends upon their relative capital contributions.

Terry and Ernest agree to become partners in advertising and promoting the Midway Fair to be held three years hence. If they agree orally, will the partnership agreement be enforceable?

The form of business association known as a partnership can be traced to ancient Babylonia and classical Greece and was used in England during the Middle Ages.

In all types of business entities, the owners can fully share in the management and control of the business.

The UPA was amended in 2016 as part of the Bring Harmony to Business Act.

Under the common law, a partnership is generally considered to be a legal entity rather than an aggregate of individuals.

A sole proprietorship is formed without any formality, is not a separate taxable entity, is dissolved upon death of the owner, and has unlimited liability for the owner.