▪ Partnership- an association of two or more persons to carry on as co-owners of a business for profit ▪ Corporation- a special business form created by state law, requiring cooperation of the state ▪ Modern firms have additional options • LLCs, LLPs, BusinessTrusts, etc ▪ Key components • Nature of ownership • Formality of structure o What is a firm? ▪ Jensen & Meckling-…
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